Citi Hires Women-Owned Firms to Lead $1 Billion Bond Issuance
Citi Hires Women-Owned Firms to Lead Distribution of $1 Billion Citi Bond Issuance in Celebration of International Women’s Day
NEW YORK–(BUSINESS WIRE)–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.
“We are pleased to have successfully completed this transaction, especially with a syndicate comprised of women-owned firms” said Michael Verdeschi, Treasurer of Citi. “Citi has issued multiple bond offerings incorporating diverse syndicate groups and looks forward to continuing to promote inclusion and diversity in this way in the future.”
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.
“R. Seelaus & Co. is pleased to participate in this transaction with Citi and these exceptional firms,” said Annie Seelaus, CEO, R. Seelaus & Co. “Our inclusion in this syndicate of predominantly women-owned businesses is a testament to Citi’s market leadership in seeking diverse partnerships.”
“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 woman-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.
“Citi strives to be a trailblazer in inclusive leadership,” said Tyler Dickson, Co-Head of Citi’s Banking, Capital Markets and Advisory. “We are immensely proud of the work that we have done in this space as highlighted by this transaction and others led by women and minority-owned firms. Working together with a diverse supplier base is an integral part of Citi’s commitment to reflect and help strengthen the communities we serve around the world.”