Citi demonstrates liquidity with senior buyback
Citigroup is offering to buy back up to $750m of euro and sterling-denominated senior unsecured bonds, in an operation which bankers say shows that the US bank has excess liquidity to put to work.
The targeted notes are the 1.5bn 4.375% 2017s, the 6.5% £400m 2030s and the 6.8% £800m 2038s.
The buyback prices will be finalised through modified Dutch auction. Citi is offering to buy back the euro notes at a maximum spread of 230bp over mid-swaps. The maximum spread for
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