Benchmark Subordinated Notes
Citigroup Inc. issues $2.5B for general corporate purposes
On June 3, 2015, Siebert Brandford Shank served as a co-manager on the $2.5B benchmark 10-year offering of subordinated notes for Citigroup Inc. The use of proceeds was specified as being directed to general corporate purposes. From initial price thoughts to launch, the proposed yield spread tightened considerably, by roughly 17 basis points. The transaction settled on June 10, 2015. Post-pricing, this issue appeared to tighten by 2-3 basis points in the secondary market.