Citi Hires Veteran-Owned Firms Exclusively to Distribute Recent $3.0 Billion Bond Issuance
â€œCiti is proud to once again support our nationâ€™s veterans and continue partnering with diverse syndicate groups for our bond offerings,â€ said Michael Verdeschi, Treasurer of Citi. â€œWhile 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.â€
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.
â€œOur nationâ€™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, Citiâ€™s commitment to facilitate career and business opportunities for our nationâ€™s military personnel is well established, and weâ€™re proud to work with veteran-owned firms on this important bond issuance,â€ said Ed Skyler, Citiâ€™s Head of Global Public Affairs and Co-Lead of Citi Salutes. â€œThrough our firmâ€™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.â€
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
â€œAcademy 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,â€ said Chance Mims, Chairman and CEO of Academy Securities. â€œCiti helps raise the bar for our nationâ€™s companies who are answering the call to provide opportunities to our returning service members.â€
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.
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Citi Global Public Affairs
Banking, Capital Markets & Advisory Communications
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