Citi Hires Veteran-Owned Firms Exclusively to Distribute Recent $3.0 Billion Bond Issuance
New York, May 23, 2019 – Citi today announced that it worked exclusively with veteran-owned firms to syndicate a $3.0 billion bond issuance, underscoring Citi’s long-standing commitment to providing opportunities to the veterans’ community.
“Citi is proud to once again support our nation’s veterans and continue partnering with diverse syndicate groups for our bond offerings,” said Michael Verdeschi, Treasurer of Citi. “While we consistently utilize diverse syndicate groups, we especially wanted to highlight the contributions of veteran-owned firms ahead of the Memorial Day holiday. Investors responded positively to this deal and the successful execution of this transaction illustrates the contributions veteran-owned businesses make to the broader capital markets.”
For this transaction, Citi issued 3-year non-call 2-year senior fixed-to-floating and floating-rate notes indexed to LIBOR. The bonds priced on May 15 and Citi hired eight veteran-owned firms to distribute the bonds to investors. The firms included Academy Securities, Inc.; American Veterans Group, PBC; AmeriVet Securities Inc.; Bancroft Capital, LLC; Drexel Hamilton, LLC; Mischler Financial Group, Inc.; Multi-Bank Securities, Inc.; and Roberts & Ryan Investments Inc.
“Our nation’s military veterans contribute greatly to the freedoms we enjoy in this country, and we want to support their participation in the economic opportunities they help make possible. As one of the founding members of Veterans on Wall Street, Citi’s commitment to facilitate career and business opportunities for our nation’s military personnel is well established, and we’re proud to work with veteran-owned firms on this important bond issuance,” said Ed Skyler, Citi’s Head of Global Public Affairs and Co-Lead of Citi Salutes. “Through our firm’s Citi Salutes initiative, we strive to hire, promote and retain more veterans, support veterans in the community, and drive economic opportunity for veterans through education and financial inclusion.”
This bond follows a similar offering distributed by veteran-owned firms in October 2015 in which Citi partnered with five veteran-owned firms to distribute a $1.5 billion bond issuance
“Academy is grateful for the opportunity to be part of this transaction and is honored that the Citi team supports our social mission to mentor, hire, and train military veterans,” said Chance Mims, Chairman and CEO of Academy Securities. “Citi helps raise the bar for our nation’s companies who are answering the call to provide opportunities to our returning service members.”
Since the beginning of the year, Citi has worked with 29 different firms owned by veterans, women or underrepresented minorities totaling over $3 million in fees across $13 billion in bond issuance.
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.
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SOURCE: Citigroup Inc.