Buy-out funds are not the only ones finding it more difficult to secure the financing they need. While the consortium led by Royal Bank of Scotland is in pole position to win the bid battle for Dutch bank ABN Amro, raising the capital is looking trickier - and more expensive - by the day.

It is hardly ideal timing for RBS and Fortis to raise a planned €22bn in ordinary shares. Bank stocks have been punished for their exposure to the credit markets, and have underperformed the broader market globally by more than 7 per cent since the beginning of June.