Citigroup Inc. (NYSE: C) is increasing its debt repurchases. The banking giant said that it is upsizing the principal amount of the notes to be accepted for purchase under cash tender offers by Citigroup and its Associates First Capital Corporation subsidiary.
The bump higher will allow it to be raised from $675 million up to $1.65 billion. Citi said that the increase reflects its continued robust liquidity position and that this is consistent with its recent liability management initiatives.
Citi also noted that so far in 2012 it has decreased its outstanding long-term debt by about $11.9 billion, if you include prior trust preferred redemptions and prior debt tender offers. What is more important is that Citi said it plans to consider additional opportunities to repurchase long-term debt and short-term debt based on several factors.
The aim here is rather simple … lower net borrowing costs and a higher net interest margin. Citi shares are up 1.4% at $29.76 so far this morning and the 52-week trading range has been $21.40 to $38.40.
JON C. OGG
The Average American Has No Idea How Much Money You Can Make Today (Sponsor)
The last few years made people forget how much banks and CD’s can pay. Meanwhile, interest rates have spiked and many can afford to pay you much more, but most are keeping yields low and hoping you won’t notice.
But there is good news. To win qualified customers, some accounts are paying almost 10x the national average! That’s an incredible way to keep your money safe and earn more at the same time. Our top pick for high yield savings accounts includes other benefits as well. You can earn up to 3.80% with a Checking & Savings Account today Sign up and get up to $300 with direct deposit. No account fees. FDIC Insured.
Click here to see how much more you could be earning on your savings today. It takes just a few minutes to open an account to make your money work for you.
Our top pick for high yield savings accounts includes other benefits as well. You can earn up to 4.00% with a Checking & Savings Account from Sofi. Sign up and get up to $300 with direct deposit. No account fees. FDIC Insured.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
Our expert who first called NVIDIA in 2009 is predicting 2025 will see a historic AI breakthrough.
You can follow him investing $500,000 of his own money on our top AI stocks for free.