In times of crisis, financial markets companies are often forced into unconventional means to find funding necessary to keep the shop open. With the credit markets effectively closed and no end to the crunch in sight, all eyes are on the Middle East and Asia to provide that backing in return for picking up western assets on the cheap.

Citigroup yesterday became the latest bank to go cap-in-hand to a cash-rich emerging market fund to secure badly needed capital while UK mortgage lender Paragon last week was forced to take out an emergency equity line from UBS after being unable to refinance an existing credit facility on attractive enough terms.