Citigroup (C) ups its tender to purchase outstanding high-interest rate debt to $1.195B from...


Citigroup (C) ups its tender to purchase outstanding high-interest rate debt to $1.195B from $910M, saying the move reflects the bank's "continued robust liquidity provision." Thus far this year, Citi has cut its long-term deb by $13.9B. (PR)

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  • Joe X
    , contributor
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    Because many of the larger banks have built up substantial liquidity pools, they're not getting much benefit from financial leverage. Good opportunity to both reduce interest expense and lower leverage. Hope it continues. BAC is following the same program, but decline in LTD has been more significant - $75 billion reduction (from $372 billion to $287 billion) during the first nine months of 2012. Debt paydown will help stabilize NIM, which would otherwise be under more pressure.
    10 Dec 2012, 10:32 AM Reply Like
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