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On 22 March, Archegos’ position in Viacom had a gross market value of USD5.1bn.<ref>{{credit suisse archegos report}}</ref> In a cruel irony, Viacom concluded that market sentiment was so strong that it should take the opportunity to raise capital.<ref>As it was [[Synthetic equity swap|synthetic]], Viacom may not have realised Archegos was the only buyer in town: if it had, it may never have tried to raise capital in the first place.</ref> Alas, not even Archegos was interested in its USD3bn share offering at that price since it was tapped out of equity with its prime brokers. | On 22 March, Archegos’ position in Viacom had a gross market value of USD5.1bn.<ref>{{credit suisse archegos report}}</ref> In a cruel irony, Viacom concluded that market sentiment was so strong that it should take the opportunity to raise capital.<ref>As it was [[Synthetic equity swap|synthetic]], Viacom may not have realised Archegos was the only buyer in town: if it had, it may never have tried to raise capital in the first place.</ref> Alas, not even Archegos was interested in its USD3bn share offering at that price since it was tapped out of equity with its prime brokers. | ||
Viacom’s capital raising therefore failed and [[Archegos|all hell broke loose]]. | |||