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Pisani: Citi Announces Terms of Trust Preferred Offering
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CNBC Reporter
Citigroup [C
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] did (finally!) announce the terms of its trust preferred offering: $2 billion (80 million shares), par $25, at a yield of 8.5 percent.
The surprise here is the yield: 8.5 percent, less than the 8.875 percent that traders had been told last night. Demand was much stronger than expected, resulting in a lower yield than initially telegraphed.
This is good news for banks who may also need to raise capital.
Remember, many regional banks like Fifth Third [FITB
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], SunTrust [STI
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], Zions [ZION
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], and KeyCorp [KEY
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] have yet to repay their TARP funds.
Ability to raise capital is key to repayment, which is one reason we have seen these regional banks rise in the last two days.
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Financials - More News & Analysis:
- Banks Will 'Vastly Outperform' S&P in 2010: Portfolio Manager
- Citigroup's Stock Likely to Keep Climbing: Bove
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The Bears' Take:
- Economy 'Far Too Close' to Double Dip: Roubini
- 'It's Going to Be Inflation Everywhere:' Deputy 'Doom'
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The WaMu Mystery:
Feature: Why WaMu Stock Soared - It's a 'Cheap Lottery Ticket'
WaMu shares now: [WAMUQ
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CNBC Data Pages:
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Questions? Comments?
- Critical elections are scheduled for Greece in June. Here are some of the players and their roles.
- Our financial system is still not designed to meet the needs of poor families, says this author.
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- Click to see various forms of funding and what entrepreneurs have used to build successful companies.
- Here are some of the most expensive hotels in the world to book. And we mean expen$$ive.
- Always drink responsibly and when you do, try one of these more unusual and tasty drinks. Cheers!
- Hostage to Headlines
- Facebook Analyst Reports All Over the Map
- More Fallout From the Facebook Fiasco
- Facebook and Morgan Stanley's 99 Problems
- Lousy Economic Numbers, but Stocks Hold Up
- Eurobond Talk: Good News and Bad News
- Hopes Fading for Big Announcement From EU Leaders
- European 'Crisis Tennis' Again
- Facebook IPO 'Conspiracy' Theories Abound
- OK, Facebook Is Embarrassing
Data is a real-time snapshot *Data is delayed at least 15 minutes
