Peter Sands smoothly introduced Standard Chartered’s rights issue – complete with first refusal for existing shareholders – on the same day his counterparts at Barclays were forced to defend their bastard capital-raising against the howls of wounded investors.

It was a coincidence, of course. But it could have been calculated to underline the point Britain’s biggest institutional investors made last week: – that companies should think very carefully before trampling over sacred pre-emption rights even when, as at Barclays, “size, speed and certainty” are priorities.