Citi Exclusively Enlists Women-Owned Broker-Dealers to Lead Distribution of $2.25 Billion Bond Issuance

Rhea-AI Summary

Citi has exclusively engaged women-owned firms as senior co-managers for a $2.25 billion bond issuance, commemorating Women’s History Month. This marks the sixth consecutive year that Citi has prioritized women-owned firms in bond syndication. Notably, all USD bond offerings since 2015 have incorporated minority, woman, or veteran-owned broker-dealers. The transaction, which priced on March 10, consists of 4-year fixed-to-floating rate notes linked to the Secured Overnight Financing Rate (SOFR) and received positive investor reception despite market challenges.

Positive

• Citi's bond issuance reinforces commitment to gender equity, utilizing 8 women-owned broker-dealers.
• The bond offering attracted positive feedback from investors, indicating market confidence.
• Significant potential economic impact of gender equality highlighted, with a projected $2.3 trillion addition to GDP globally.

Negative

• None.

NEW YORK--(BUSINESS WIRE)-- Citi announced today that it exclusively enlisted women-owned firms as senior co-managers of a $2.25 billion bond issuance on behalf of Citigroup Inc. in celebration of Women’s History Month.

The transaction represents the sixth year that Citi has worked predominantly with women-owned firms to syndicate a bond offering. Additionally, all USD bond offerings since 2015 have included a minority, woman or veteran-owned broker-dealer as part of the underwriting syndicate, further underscoring Citi’s commitment to narrowing racial and gender inequity in capital markets.

Since 2015, Citi has studied the implications of gender equality on economic growth with the most recent Citi GPS report finding that closing the gender gap in business growth globally could add up to $2.3 trillion to GDP and up to 433 million jobs to the labor market. This is an area where Citi is keenly focused and committed to doing its part to incorporate more women and other underrepresented groups on syndicate teams.

“We are pleased to have completed this transaction,” said Michael Verdeschi, Treasurer of Citi. “Our track record with all firms in the syndicate has been successful and we look forward to partnering with them and more women-owned broker-dealers for future offerings,” he continued.

Citi issued $2.25 billion 4-year non-call 3-year senior fixed-to-floating rate notes and floating rate notes indexed to the Secured Overnight Financing Rate (SOFR). The deal was received positively by investors despite challenging market conditions.

In the deal, which priced on March 10, Citi hired eight women-owned broker-dealers to participate in the underwriting syndicate. The firms included C.L. King & Associates, Inc.; MFR Securities, Inc.; North South Capital, LLC; R. Seelaus & Co., LLC; Siebert Williams Shank & Co., LLC; Stern Brothers & Co.; Telsey Advisory Group LLC and Tigress Financial Partners, LLC.

“On behalf of Telsey Advisory Group, we are proud to be a part of Citi’s bond issuance in honor of Women’s History Month. We appreciate our partnership with Citi over the last 7 years and their recognition and commitment to gender equality. Along with the other women-owned broker-dealers included in the Citi syndicate, we look forward to continuing the progress that is being made and are grateful for Citi’s leadership,” said Dana Telsey, CEO, Telsey Advisory Group.

Citi

Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.

Additional information may be found at www.citigroup.com | Twitter: @Citi | YouTube: www.youtube.com/citi | Blog: http://blog.citigroup.com | Facebook: www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi

View source version on businesswire.com: https://www.businesswire.com/news/home/20220322005772/en/

Media

Sophia Anthony

Citi Global Public Affairs

Banking, Capital Markets & Advisory Communications

+1 (212) 816-7140

sophia.anthony@citi.com

Source: Citi

FAQ

What is the bond issuance amount by Citi for Women’s History Month?

Citi announced a bond issuance of $2.25 billion.

Who were the co-managers for the Citi bond issuance?

Citi exclusively enlisted women-owned firms as senior co-managers for the bond issuance.

When was the Citi bond deal priced?

The Citi bond deal was priced on March 10.

What type of notes were issued by Citi?

Citi issued 4-year fixed-to-floating rate notes and floating rate notes indexed to the Secured Overnight Financing Rate (SOFR).

How many women-owned broker-dealers participated in Citi's bond issuance?

Eight women-owned broker-dealers participated in the Citi bond issuance.