Several Other Diverse Broker Dealers Acted as Senior Co-Managers on the Issuance
NEW YORK – Citi today announced that nine Veteran-owned firms acted as joint lead managers on the syndication of a $3.2 billion bond issuance, underscoring Citi’s long-standing commitment to providing opportunities to the Veteran community and in recognition of the upcoming Memorial Day holiday in the United States. Several other diverse broker dealers acted as senior co-managers on the issuance.
"Citi's longstanding support of not only Veteran-owned firms, but of the entire diverse broker space, is truly inspiring and we remain grateful for our multi-faceted relationship with the firm. This Memorial Day I hope that we can all take a moment to recognize the ultimate sacrifice that our service members have made for this nation,” said Ed D'Alessandro, CEO of Roberts & Ryan, a service-disabled Veteran-owned broker dealer.
"Successful partnerships with Veteran-owned firms demonstrate the appreciation and respect we have for our servicemen and women and highlight their contributions to the financial markets. Citi's longstanding support of diverse broker dealers is an example of how we help level the playing field for traditionally underrepresented groups through our business activities,” said Edward Skyler, Citi's Head of Enterprise Services and Public Affairs and Co-Lead of Citi Salutes.
For this transaction, Citi issued $3.2 billion of a 6.174% Fixed Rate/Floating Rate Callable Subordinated Notes due 2034. The bonds closed on May 25, 2023. Nine Veteran-owned firms acted as joint lead managers to distribute the bonds to investors. The nine firms included Academy Securities, Inc., American Veterans Group, PBC, AmeriVet Securities Inc., Bancroft Capital, LLC, CAVU Securities, LLC, Drexel Hamilton, LLC, Mischler Financial Group, Inc., Multi-Bank Securities, Inc., and Roberts & Ryan Investments Inc.
Other diverse broker dealers acted as co-managers including Apto Partners, LLC, Cabrera Capital Markets, LLC, CastleOak Securities, L.P., C.L. King & Associates Inc., Great Pacific Securities, Independence Point Securities LLC, Melvin Securities LLC, Penserra Securities LLC, R. Seelaus & Co LLC, Samuel A. Ramirez & Company, Inc., San Blas Securities LLC, Security Capital Brokerage, Inc., Stern Brothers & Co., and Tigress Financial Partners LLC.
"Citi has worked with more than 30 firms owned by Veterans, women or underrepresented minorities who have received over $50 million in fees across approximately $200 billion in bond issuance since 2015. We continually receive positive investor feedback supporting the use of diverse syndicates for our debt issuance and hope that this generates additional opportunities for these firms,” said Michael Verdeschi, Treasurer of Citi.
Citi is a preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in its home market of the United States. Citi does business in nearly 160 countries and jurisdictions, providing corporations, governments, investors, institutions and individuals with a broad range of financial products and services.