Citi hires six Hispanic-owned firms to underwrite bond offering

BY Reuters | CORPORATE | 09/27/22 02:47 PM EDT

Sept 27 (Reuters) - Citigroup Inc (C/PN) said on Tuesday it had hired six Hispanic-owned firms to co-manage its $2.75 billion bond offering, a week after the lender set new diversity goals for its workforce.

Citi is the lead underwriter for the offering. The other six firms are Apto Partners LLC, Cabrera Capital Markets LLC, Great Pacific Securities, Guzman & Company, Penserra Securities LLC and Samuel A. Ramirez & Company Inc, the bank said.

The move is in honor of the National Hispanic Heritage Month, which is celebrated annually from Sept. 15 to Oct. 15, Citigroup (C/PN) said.

Last week, the bank had introduced new diversity goals for gender, race and sexual orientation in its workforce for 2025. (Reporting by Niket Nishant in Bengaluru; Editing by Shailesh Kuber)

In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible.

Lower-quality debt securities generally offer higher yields, but also involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. Any fixed income security sold or redeemed prior to maturity may be subject to loss.

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