The Wall Street Journal reported that UK prosecutors are likely to file LIBOR manipulation charges against former UBS and Citigroup trader Tom Hayes for allegedly trying to manipulate benchmark interest rates.
Pacific Drilling closed a $750 million senior secured term loan with 2018 maturity and a $500 million senior secured revolver. Citigroup, Goldman Sachs, Deutsche Bank and Barclays acted as joint lead arrangers and bookrunning managers.
Citigroup reported net income for the first quarter 2013 of $3.8 billion or $1.23 per diluted share, on revenues of $20.5 billion. Analysts polled by Thomson Reuters had expected EPS of $1.18.
The Wall Street Journal reported that Citigroup agreed to pay $730 million to settle claims that it misled investors in bond and preferred-stock offerings.
The Wall Street Journal reported that three more top banks will broaden their clawback policies to cover more executives, increase disclosures or add potential triggers.
ACE INA Holdings agreed to sell $475 million of 2.7% senior notes and $475 million of 4.15% senior notes. Citigroup Global Markets, Wells Fargo Securities, Mitsubishi UFJ Securities (USA) and Deutsche Bank Securities served as joint book-running managers.
Bloomberg reported that in just six months, S&P’s AAA blessing for a slice of a $1.5 billion CDO, underwritten by UBS AG, cost Citigroup its $15 million investment.
VWR Funding intends to commence an offering of $200 million of senior secured term loans. VWR said Citigroup Global Markets will act as sole lead arranger and bookrunner for the proposed transaction.
Citigroup reported net income for the Q4/12 was $1.2 billion or $0.38 per share as results were negatively impacted by a credit valuation adjustment and a $1.0 billion repositioning charge. Analysts polled by Thomson Financial had expected EPS of $0.96.
ABF Journal illustrator Jerry Gonzalez shows how British regulators, bankers and politicians ignored the warning by Timothy Geithner, then president of the New York Fed, Citigroup and others in 2008 that the LIBOR was being manipulated.