Citi Hires Women-Owned Firms to Lead Distribution of $4 Billion Citi Bond Issuance to Commemorate Women’s History Month
March 30 2020 - 10:00AM
Business Wire
Citi announced on Tuesday that it hired women-owned firms as
lead managers of a $4 billion bond issuance on behalf of Citigroup
Inc. to commemorate Women’s History Month.
The transaction represents the fifth consecutive year that Citi
has worked predominantly with women-owned firms to syndicate a bond
offering, further maintaining its commitment to helping women,
minority and veteran-owned businesses receive greater access to the
capital markets.
Citi issued $4 billion 11-year non-call 10-year senior
fixed-to-floating rate notes indexed to the Secured Overnight
Financing Rate (SOFR). Investors responded positively to the deal,
which follows similar offerings in 2019, 2018, 2017 and 2016. For
all four previous transactions, Citi worked with women-owned firms
to syndicate the bonds.
“At Citi, we pride ourselves on being bold champions of gender
equity in financial services and beyond,” said Jane Fraser,
President of Citi and CEO, Global Consumer Banking. “We all have a
responsibility to ensure our business practices reflect the
diversity and progress we want to see. Transactions like this
women’s led syndication models the way forward for our
industry.”
The firm currently partners with smaller diverse and
veteran-owned financial institutions through various established
mentoring initiatives. Through the U.S. Department of the
Treasury’s Financial Agent Mentor-Protégé Program, Citi is working
with four minority-owned institutions to increase the number of
banks designated as Financial Agents since the program launched in
2018. Citi also has an ongoing partner agreement with service
disabled veteran-owned broker dealer Roberts & Ryan Investments
Inc.
“We are pleased to have successfully completed this transaction,
particularly during this period of market uncertainty,” said
Michael Verdeschi, Treasurer of Citi. “Supplier diversity,
including that of our underwriting syndicates, is a core tenet of
Citi’s franchise. We look forward to continue working with Minority
and Women Business Enterprises and Service-Disabled Veteran-Owned
Business on future transactions.”
In the deal, which priced on March 24, Citi hired nine
women-owned broker-dealers to assist in the distribution of the
bonds to investors. The firms included Capital Institutional
Services, Inc.; 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.
“We are delighted to partner with Citi and the other
extraordinary female-led firms participating on this bond
offering,” said Maria Fiorini Ramirez, Founder and CEO of MFR
Securities, Inc. “With its extensive global footprint and
influence, Citi’s support of the next generation of women leaders
in the financial industry is truly exemplary.”
“Siebert Williams Shank is very proud to be part of Citi’s $4
Billion senior unsecured notes offering. Our firm appreciates
Citi’s recognition of woman-owned firms on this transaction and its
continuous commitment to and leadership on diversity in the
corporate capital markets,” said Suzanne Shank, President and CEO
of Siebert Williams Shank.
“Stern is honored to be a part of this iconic All Women-led
transaction. Citi has always been a leader in diversity and
inclusion and continues to be with this transaction. In this
unprecedented time that we are in, we thank Citi for all it is
doing,” said Pepe Finn, CEO of Stern.
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
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version on businesswire.com: https://www.businesswire.com/news/home/20200330005162/en/
Sophia Anthony Citi Global Public Affairs Banking, Capital
Markets & Advisory Communications +1 (212) 816-7140
sophia.anthony@citi.com
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