Citi in FDIC-Guaranteed Debt Offerings Totaling $5 Billion
June 04, 2009
Cleary Gottlieb represented the underwriters, led by Citigroup Global Markets Inc., in two recent debt offerings by Citibank, N.A. and two recent debt offerings by Citigroup Funding Inc. Both issuers are wholly-owned subsidiaries of Citigroup Inc. The notes were guaranteed by the FDIC under its Temporary Liquidity Guarantee Program (“TLGP”) and were offered for sale in the United States and abroad. Citibank issued $1.20 billion of floating rate notes due 2012 and $1.30 billion of 1.875% fixed rate notes due 2012. Citigroup Funding Inc. issued $1.10 billion of floating rate notes due 2011 and $1.40 billion of 1.250% fixed rate notes due 2011. The deals closed on June 4.
Citigroup Inc., a global financial services company with approximately 200 million customer accounts in more than 100 countries, provides financial products and services, including banking, investment banking, insurance, securities brokerage and asset management. Citibank is a commercial bank that, along with its subsidiaries and affiliates, offers a wide range of banking and trust services to its customers throughout the United States and the world. Citigroup Funding Inc.’s business activities consist of providing funds to Citigroup and its subsidiaries for general corporate purposes.