Monday, April 21, 2008


Not so shabby.

NEW YORK (Reuters) - Citigroup on Monday will sell $6 billion in non-cumulative perpetual preferred shares, said International Financing Review, a Thomson Reuters publication.

The shares are expected to pay a fixed 8.4 percent dividend for 10 years and pay a floating rate after that.

Banks this year have been increasing their issuance of preferred shares, which improve their "Tier 1" capital ratios, a measure of their ability to cover losses.

Big Shitpile needs to be fed.