Citigroup Panhandles Another $6 Billion
Losses on assets tied to subprime mortgages have forced Citigroup to raise more than $30 billion in capital since November from foreign governments and investors.
Today, the biggest US bank by assets, announced it will sell $6 billion in non-cumulative perpetual preferred shares or hybrid bonds.
The shares are expected to pay a fixed 8.4% dividend for 10 years and pay a floating rate after that.
Today, the biggest US bank by assets, announced it will sell $6 billion in non-cumulative perpetual preferred shares or hybrid bonds.
The shares are expected to pay a fixed 8.4% dividend for 10 years and pay a floating rate after that.
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