Barclays bouncing back?

According to The Scrutineer in The Scotsman, Barclays is bouncing back:
http://thescotsman.scotsman.com/business/The-Scrutineer-Barclays-bouncing-back.4190478.jp

Extracts:

Its plan to possibly go the placing route, probably via sovereign wealth funds, rather than a pure rights issue, looks pleasingly cat-footed on the hot tin roof that is the banking sector.

...any new shares issued by Barclays are very unlikely to be at the deep discounts of other banks. Royal Bank of Scotland's discount was 35 per cent, HBOS's was 45 per cent, and Bradford & Bingley's was 48 per cent. Most banking analysts believe if Barclays went to the sovereign funds they would get away with a discount of 10 per cent at worst, and perhaps even be able to issue stock at a small premium to the market price.

The likely clawback mechanism for existing Barclays' shareholders to get a slice of any new issue action also neatly sidesteps the opprobrium B&B attracted through bringing in its new shareholder, Texas Pacific, without such a pre-emptive offer for shareholders.

And such a placing with blue-chip funds (possibly including existing Barclays' shareholders, China Development Bank and Temasek) should lead to less of the "shorting" of shares that have bedeviled other recent cash calls and driven the market share prices lower.

Barclays said profits in its global retail and commercial banking divisions had shown strong growth in May compared with May 2007. Profits in investment banking and investment management were in line with a year before, it said. In other words it looks virtually certain no further nasty stuff from the provisions woodshed is likely to scar Barclays' interim results six weeks or so hence.