… but its PR company does.
Morgan Stanley published this morning a broker’s note saying it believes HSBC needs a significant capital raising. While HSBC does not comment on individual broker notes, we have attached by way of perspective:
- a note published this morning in response by UBS;
and
- a recent note from Citigroup.
Coincidentally, today is the “payment date” for HSBCs’ third interim dividend for 2008 which involved it paying shareholders $2.2bn.
By way of background, HSBC’s tier 1 capital ratio was 8.9% and loan to deposit ratio 88% – both at 30 September last year.
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Related Link:
Why we think HSBC needs $20-30bn of capital and to halve its dividend – FT Alphaville