HBOS underwriters earn their fees
The dust is starting to settle on the HBOS rights issue which looks like going down in history as one of the most difficult since BP’s flop in 1987. But how have the underwriters fared as the shares zig-zag around the rights price? EuroWeek on Friday examines the deal and subsequent trading in HBOS — including underwriter Morgan Stanley’s short sale of 88m shares last week.
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