NEW YORK–(BUSINESS WIRE)–Mar 8, 2019–Citi today announced that it hired women-owned firms as lead managers of a $1 billion bond issuance on behalf of Citibank, N.A. in celebration of International Women’s Day.
The transaction represents the fourth consecutive year that Citi has worked predominantly with women-owned firms to syndicate a bond offering, underscoring its deep, long-standing commitment to helping women, minority and veteran-owned businesses grow and succeed, further advancing the firm’s pledge to diversity and inclusion throughout the finance industry.
Citi issued $1 billion 2-year non-call one-year senior floating rate notes indexed to the Secured Overnight Financing Rate (SOFR). This transaction marks Citi’s first SOFR indexed note offering since the benchmark’s inception. Investors responded positively to the deal, which follows similar offerings in 2018, 2017 and 2016. For all three transactions, Citi worked with women-owned firms to syndicate the bonds.
In the deal, which priced on March 7, Citi hired 10 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.; CV Brokerage Inc.; MFR Securities, Inc.; North South Capital; R. Seelaus & Co.; Siebert Cisneros Shank & Co.; Stern Brothers & Co; Telsey Advisory Group and Tigress Financial Partners, LLC.
“Siebert Cisneros Shank appreciates the opportunity to be a part of Citi’s inaugural SOFR transaction,” said Suzanne Shank, Chairwoman, CEO and a co-founder of Siebert Cisneros Shank & Co. “Citi’s inclusion of women-owned firms in this historic transaction demonstrates their commitment to diversity in the corporate capital markets and our ability to contribute meaningfully to the success of the financing,” she continued.