Discover continues funding dash, Citigroup takes $1.5bn

15 Feb 2013

Citigroup and Discover Bank found robust demand for US financial paper this week as the recent glut of issuance slowed.

Discover Bank continued the trend for US financial institution to issue debt at the bank level, rather than through the holding company.

This form of borrowing reduces the flexibility of proceeds, but is highly attractive and can save banks between 15bp and 20bp on their cost of funding.

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