Citi announced that it worked exclusively with Veteran-owned firms to syndicate a $2.0 billion bond issuance in the spirit of the upcoming Memorial Day holiday, underscoring Citi’s long-standing commitment to providing opportunities to the Veteran community.
“We continue to receive positive investor feedback supporting the use of diverse syndicates for our debt issuance and believe that our continued, successful partnership with Veteran-owned firms demonstrates the appreciation and respect we have for our servicemen and women, and highlights their contributions to the financial markets”
“Military servicemembers and Veterans are highly valued members of Citi’s diverse culture. Broadening our relationship externally and engaging further with the Veteran community is very important to us. We hope that through our work with these Veteran-owned broker dealers, we honor those who have made the ultimate sacrifice for our country,” said Edward Skyler, Citi’s Head of Global Public Affairs and Co-Lead of Citi Salutes.
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For this transaction, Citi issued $1.5 billion of a 3-year non-call 2-year senior fixed-to-float and $500 million of a 3-year non-call 2-year floating rate note indexed to SOFR. The bonds priced on May 17. Citi exclusively hired nine Veteran-owned firms in the underwriting syndicate to distribute the bonds to investors. The nine firms included Academy Securities, Inc., American Veterans Group, AmeriVet Securities Inc., Bancroft Capital, LLC, CAVU Securities, Drexel Hamilton, LLC, Mischler Financial Group, Inc., Multi-Bank Securities, Inc., and Roberts & Ryan Investments Inc.
“We continue to receive positive investor feedback supporting the use of diverse syndicates for our debt issuance and believe that our continued, successful partnership with Veteran-owned firms demonstrates the appreciation and respect we have for our servicemen and women, and highlights their contributions to the financial markets,” said Michael Verdeschi, Treasurer of Citi.
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“Roberts & Ryan is extremely grateful to have played a role in this transaction. Citi’s longstanding support of not just Veteran-owned firms, but of the entire diverse broker space, is truly inspiring. Memorial Day reminds us of the ultimate sacrifice our service members have made for this great nation. Citi’s commitment to Veteran firms, on this most solemn of occasions, exemplifies the citizen’s role in supporting those who have worn the uniform. It is incumbent upon us to honor Citi’s intentions and give back to all those who have put themselves in harm’s way,” said Ed D’Alessandro, CEO of Roberts & Ryan, a service-disabled Veteran-owned broker dealer.
Since 2015, Citi has worked with more than 30 firms owned by Veterans, women or underrepresented minorities who have received over $40 million in fees across approximately $190 billion in bond issuance.
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