Major fallers across the continent (NOT just the banking sector):

UniCredit, of course, has already unveiled a €7.5bn cash call.  It would seem that the guessing now is who is next.

A snap observation from Chintan Joshi at Nomura:

With the Financials sector facing a capital shortfall driven by issues such as stress tests and asset quality, we expect a number of capital raises that could be large relative to market capitalisation and therefore would have to be offered at a large discount (to TERP in case of rights issues) to be executed in the current market environment. Typically, these should be vulnerable, running into a rights issue given sector fundamentals.

And a quick primer on trading rights situations is in the usual place.

This entry was posted by Paul Murphy on Thursday, January 5th, 2012 at 10:38 and is filed under Capital markets. Tagged with axa, bnp paribas, commerzbank, credit agricole, deutsche bank, Erste Bank, European banks, intesa sanpaolo, natixis, societe generale, unicredit. Edit this entry.