Scraping the barrel

Citigroup and Merrill Lynch have both double-dipped at the capital-raising trough. Their latest investment terms suggest Citi’s Vikram Pandit is closer to exhausting his supply of potential new money than is Merrill’s John Thain. Citi’s shareholders are being shoved less gently down the pecking order, too. Back in November, Citi raised $7.5bn from the Abu Dhabi Investment Authority in the form of mandatory convertible securities. Morgan Stanley and UBS have employed similar structures to raise n...