by Calculated Risk on 4/29/2008 10:07:00 PM

The WSJ reports: HBOS Sets $8 Billion Rights Issue

HBOS PLC announced a £4 billion, or roughly $8 billion, rights issue designed to bolster the bank against a worsening market and repair the lender's capital base following write-downs.

... The price is 45% below Monday's closing share price of 496 pence.

Ouch. A 45% discount!

And from MarketWatch: Citigroup to raise $3 billion selling new stock

Citigroup Inc. said late Tuesday that it is raising $3 billion selling new shares as the financial-services giant tries to rebuild capital after huge losses from the credit crunch

.