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The unavailability of bank debt and the tighter Eurobond market during the global financial crisis have led to companies increasingly turning to rights issues as a means of raising finance. UK rights issues in 2008 and 2009 can be divided into broadly two categories: (i) To repair balance sheets and/or to avoid covenant breaches (including in a number of cases with related debt refinancings). (ii) For acquisitions or other possible opportunities. In particular, deals in the banking and real estate sectors have been driven primarily by the need to shore up balance sheets, while in 2009 an increasing number of deals could be seen as being for acquisitions/opportunities.
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