Monday, Jul 21, 2008

So what happens to Morgan Stanley and Dresdner Kleinwort profits outlook now?

Times Online: HBOS offer flop leaves underwriters with £2.5bn

Morgan Stanley and Dresdner Kleinwort now face taking £2.5 billion worth of HBOS shares onto their own balance sheets. On Friday, rival bank Barclays said just 19 per cent of its £4.5 billion placing and open offer had been subscribed for by investors.

Posted by paul @ 10:45 PM (478 views) Add Comment

1 Comment

1. icarus said...

The underwriters came out of this OK. They charged fees and took short positions in HBOS and other hedges.(not sure why they didn't have to disclose the shorting under the FSA's new rules.) See http://www.bbc.co.uk/blogs/thereporters/robertpeston/2008/07/underwriters_short_hbos.html

Tuesday, July 22, 2008 01:10AM Report Comment
 

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