Place your bets now

The window for issuing equity seems to creaking open. Companies that need to sell shares should leap through it while they have the chance. HSBC’s $18bn rights issue has turned out to be a boost to confidence. When markets tested their lows last month, this mammoth capital raising looked like it was heading for the underwriters. But the recent equity rally helped the UK bank garner 97% support for the issue. The fear was that HSBC would drain capacity. But its success may convince other issuer...