Traders telling me that Citigroup will be pricing its preferred offering, $25 par, at a yield of 8.875 percent.
Size is roughly $2 billion; one trader said it was “multiple times oversubscribed.”
A Citigroup spokesperson would not confirm the terms or that it would price tonight. But traders feel it will likely do so, or tomorrow morning at the latest.
Other Financials Moving Tuesday:
Bank of America
More Market Perspectives:
- 'Fast Money' Traders: If Govt Sells Citi, Should You Buy?
- Big Banks Still Undervalued: David Katz
- Govt. Bonds 'The Most Dangerous Market': Loomis Sayles
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