Citi Plans $4.5 Billion Debt Sale, Report Says
The banking giant is expected to pile on more writedowns in the first quarter, <I>Bloomberg</I> reports.
Citigroup
(C) - Get Report
plans to sell $4.5 billion worth of debt, according to media reports.
The New York-based financial titan is selling five-year, dollar-denominated notes that may yield 300 basis points more than U.S. Treasuries due in 2013,
Bloomberg
reported, citing a person familiar with the offering.
A Goldman Sachs analyst earlier this week said Citi would
write down as much as $12 billion
and lose $1.55 a share in the first quarter.
Merrill Lynch
(MER)
, another firm rocked by writedowns to securities tied to mortgages and other debt during the credit crunch, could write down another $2 billion, the Goldman analyst said.
A Citi spokeswoman was not immediately available. Citi shares fell slightly on Friday.
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