Citigroup Inc. (C), the bank that took the most U.S. aid during the credit crisis, sold $1.25 billion of subordinated debt.
The lender issued 3.5 percent, 10-year notes that pay 178 basis points more than similar-maturity Treasuries, according to data compiled by Bloomberg. The New York-based bank’s debt is expected to be rated Baa3 by Moody’s Investors Service.
Citigroup sold subordinated bonds in February with an $894 million sale of 4.05 percent notes due July 2022, which paid 203.6 basis points more than Treasuries, according to data compiled by Bloomberg. Those securities traded yesterday at 104.8 cents on the dollar to yield 3.44 percent, or 168.3 basis points more than benchmarks.
To contact the editor responsible for this story: Alan Goldstein at email@example.com