> Finance & Stock Exchange > Bonds
Forward Calendar - U.S. corporate bond new issues
Reuters: [2008-05-06 21:39:00]
May 6 (Reuters) - The following are lists of upcoming high-grade and
high-yield corporate bond offerings in the United States. The information was
gathered from IGM CorporateWatch, and other market sources:
*Denotes 144a private placement debt offering.
HIGH-GRADE BOND SALES EXPECTED FOR WEEK OF 5/5/2008
COMPANY AMT MAT/DEBT RTGS MGRS PRICED
Bank of America $1.0 bln 2-yr frn Aaa/AA+/NA BAS 5/5
Bank of America $1.7 bln 2-yr frn Aaa/AA+/NA BAS 5/5
Berkshire Hath $1.0 bln 5-yr Aaa/AAA/AAA GS 5/6
Berkshire Hath $1.0 bln 10-yr Aaa/AAA/AAA GS 5/6
Citigroup $3.0 bln 10-yr Aa3/AA-/AA- CITI 5/5
ConocoPhillips $400 mln 5-yr A1/A/A CITI/RBSGC 5/5
ConocoPhillips $500 mln 10-yr A1/A/A CITI/RBSGC 5/5
ConocoPhillips $600 mln 30-yr A1/A/A CITI/RBSGC 5/5
Duke Realty $325 mln 5-yr Baa1/BBB+/BBB WB 5/5
GlaxoSmithKline $1.0 bln 2-yr frn A1/A+/AA- CITI/JPM/LEH
GlaxoSmithKline $2.5 bln 5-yr A1/A+/AA- CITI/JPM/LEH
GlaxoSmithKline $2.75 bln 10-yr A1/A+/AA- CITI/JPM/LEH
GlaxoSmithKline $2.75 bln 30-yr A1/A+/AA- CITI/JPM/LEH
*Grupo Televisa $500 mln 10-yr Baa1/BBB+/BBB+ HSBC/JPM 5/6
Transalta Corp $500 mln 10-yr Baa2/BBB/NA CITI/HSBC 5/6
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SPLIT-RATED BOND SALES EXPECTED FOR WEEK OF 5/5/2008
COMPANY AMT MAT/DEBT RTGS MGRS PRICED
------------------------------------------------------------------------------
CONVERTIBLE BOND SALES EXPECTED FOR WEEK OF 5/5/2008
COMPANY AMT MAT/DEBT RTGS MGRS PRICED
------------------------------------------------------------------------------
HIGH-YIELD BOND SALES EXPECTED FOR WEEK OF 5/5/2008
COMPANY AMT MAT/DEBT RTGS MGRS PRICED
*Newfield Explor $600 mln 10-yr Ba3/BB-/NA JPM/MS 5/5
------------------------------------------------------------------------------
UPCOMING DEALS
COMPANY AMT MAT/DEBT RTGS MGRS PRICED
------------------------------------------------------------------------------
PREVIOUS HIGH-GRADE BOND SALES
COMPANY AMT MAT/DEBT RTGS MGRS PRICED
AMB Property LP $325 mln 5-yr mtn Baa1/BBB/BBB+ BAS/JPM/MS 4/28
*Bank of Montreal $2.5 bln 6-yr ext A1/A+/NA BMO/GS/MS 4/29
Bristol-Myers $600 mln 10-yr A2/A+/A BAS/JPM/MS 4/28
Bristol-Myers $1.0 bln 30-yr A2/A+/A BAS/JPM/MS 4/28
Chubb Corp $600 mln 10-yr A2/A/A+ CITI/GS/ML 5/1
Chubb Corp $600 mln 30-yr A2/A/A+ CITI/GS/ML 5/1
Comcast $1.0 bln 10-yr Baa2/BBB+/BBB+ CITI/DB/ML/UBS 5/2
Comcast $1.0 bln 30-yr Baa2/BBB+/BBB+ CITI/DB/ML/UBS 5/2
Credit Suisse NY $4.0 bln 5-yr mtn Aa1/AA-/AA- CS 5/1
Dow Chemical $800 mln 10-yr A3/A-/A- HSBC/ML/RBSGC 5/1
*Genworth Life $500 mln 5-yr Aa3/AA-/NA BAS/WACH 4/29
*Israel Electric $1.0 bln 10-yr Baa2/BBB+/NA CITI/LEH 5/2
Jackson Nat'l $300 mln 5-yr A1/AA/NA BAS/MS 5/1
KeyBank NA $300 mln 7-yr A2/A-/A- CITI/CS/UBS 5/1
KLA-Tencor $750 mln 10-yr Baa1/BBB/BBB ML 4/29
Lehman Bros Hldgs $2.0 bln 30-yr A2/A/A+ LEH 5/2
Morgan Stanley $2.0 bln 10-yr Aa3/AA-/AA- MS 5/2
*NY Life Global $1.0 bln 5-yr Aaa/AAA/NA DB/ML/WB 5/2
*Pearson Dollar $350 mln 5-yr Baa1/BBB+/NA BARC/BNP/CITI 4/29
*Pearson Dollar $550 mln 10-yr Baa1/BBB+/NA BARC/BNP/CITI 4/29
Prologis $600 mln 10-yr Baa1/BBB+/BBB+ CITI/GS/RBSGC 5/1
------------------------------------------------------------------------------
PREVIOUS SPLIT-RATED BOND SALES
COMPANY AMT MAT/DEBT RTGS MGRS PRICED
Centerpoint Engy $300 mln 10-yr Ba1/BBB-/BBB- LEH/RBSGC/WB 5/1
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PREVIOUS HIGH-YIELD BOND SALES
COMPANY AMT MAT/DEBT RTGS MGRS PRICED
Ford Motor Credit $1.1 bln 7-yr B1/B/BB- JPM 4/29
*MarkWest Engy $100 mln 10-yr B2/B/NA JPM/RBC/WACH 4/28
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PREVIOUS CONVERTIBLE SECURITIES SALES
COMPANY AMT MAT/DEBT RTGS MGRS PRICED
------------------------------------------------------------------------------
DEALS RECENTLY POSTPONED
COMPANY AMT MAT/DEBT RTGS MGRS DATE POSTPONED
Bunge Ltd Fin $TBA 5-yr Baa2/BBB-/BBB BNP/HSBC/JPM/RBSGC 3/12
Bunge Ltd Fin $TBA 10-yr Baa2/BBB-/BBB BNP/HSBC/JPM/RBSGC 3/12
------------------------------------------------------------------------------
MANAGERS: SYNDICATE DESK NUMBERS:
GENERAL HIGH-YIELD HIGH-GRADE
ABN - ABN Amro Securities Inc 212-409-7563 212-409-7563
BAS - Banc of America Securities 212-583-8352 212-933-3433
BOCM - Banc One Capital Markets 312-732-7885 312-336-2525
BARC - Barclays Capital 212-412-2626 212-412-6730
BEAR - Bear Stearns & Co 212-272-5007 212-272-5371
BNP - BNP Paribas 212-841-3658 212-841-3658
CITI - Citigroup Global Markets 212-723-6001 212-723-6121
CS - Credit Suisse 212-325-3290 212.325-3325
DBS - Deutsche Bank Securities Inc 312-336-2525 312-732-1476
GS - Goldman Sachs & Co 212-902-8204 212-902-5954
JPM - J.P. Morgan Chase & Co 212-270-1100 212-834-4533
KBW - Keefe Bruyette & Woods 212-887-7777
LEH - Lehman Brothers Inc 212-526-9664 212-526-9664
ML - Merrill Lynch & Co 212-449-6762 212-449-4949
MS - Morgan Stanley 212-761-1286 212-761-1957
UBS - UBS Investment Bank 203-719-1556 203-719-1088
WACH - Wachovia Securities 704-383-1928 704-383-7727
((U.S. Financial Desk 646-223-6330))
Keywords: MARKETS CORPORATEBONDS CALENDAR
Forward Calendar - U.S. corporate bond new issues
Reuters: [2008-05-06 21:11:00]
May 6 (Reuters) - The following are lists of upcoming high-grade and
high-yield corporate bond offerings in the United States. The information was
gathered from IGM CorporateWatch, and other market sources:
*Denotes 144a private placement debt offering.
HIGH-GRADE BOND SALES EXPECTED FOR WEEK OF 5/5/2008
COMPANY AMT MAT/DEBT RTGS MGRS PRICED
Bank of America $1.0 bln 2-yr frn Aaa/AA+/NA BAS 5/5
Bank of America $1.7 bln 2-yr frn Aaa/AA+/NA BAS 5/5
Berkshire Hath $1.0 bln 5-yr Aaa/AAA/AAA GS 5/6
Berkshire Hath $1.0 bln 10-yr Aaa/AAA/AAA GS 5/6
Citigroup $3.0 bln 10-yr Aa3/AA-/AA- CITI 5/5
ConocoPhillips $400 mln 5-yr A1/A/A CITI/RBSGC 5/5
ConocoPhillips $500 mln 10-yr A1/A/A CITI/RBSGC 5/5
ConocoPhillips $600 mln 30-yr A1/A/A CITI/RBSGC 5/5
Duke Realty $325 mln 5-yr Baa1/BBB+/BBB WB 5/5
GlaxoSmithKline $1.0 bln 2-yr frn A1/A+/AA- CITI/JPM/LEH
GlaxoSmithKline $2.5 bln 5-yr A1/A+/AA- CITI/JPM/LEH
GlaxoSmithKline $2.75 bln 10-yr A1/A+/AA- CITI/JPM/LEH
GlaxoSmithKline $2.75 bln 30-yr A1/A+/AA- CITI/JPM/LEH
*Grupo Televisa $500 mln 10-yr Baa1/BBB+/BBB+ HSBC/JPM
Transalta Corp $500 mln 10-yr Baa2/BBB/NA CITI/HSBC 5/6
------------------------------------------------------------------------------
SPLIT-RATED BOND SALES EXPECTED FOR WEEK OF 5/5/2008
COMPANY AMT MAT/DEBT RTGS MGRS PRICED
------------------------------------------------------------------------------
CONVERTIBLE BOND SALES EXPECTED FOR WEEK OF 5/5/2008
COMPANY AMT MAT/DEBT RTGS MGRS PRICED
------------------------------------------------------------------------------
HIGH-YIELD BOND SALES EXPECTED FOR WEEK OF 5/5/2008
COMPANY AMT MAT/DEBT RTGS MGRS PRICED
*Newfield Explor $600 mln 10-yr Ba3/BB-/NA JPM/MS 5/5
------------------------------------------------------------------------------
UPCOMING DEALS
COMPANY AMT MAT/DEBT RTGS MGRS PRICED
------------------------------------------------------------------------------
PREVIOUS HIGH-GRADE BOND SALES
COMPANY AMT MAT/DEBT RTGS MGRS PRICED
AMB Property LP $325 mln 5-yr mtn Baa1/BBB/BBB+ BAS/JPM/MS 4/28
*Bank of Montreal $2.5 bln 6-yr ext A1/A+/NA BMO/GS/MS 4/29
Bristol-Myers $600 mln 10-yr A2/A+/A BAS/JPM/MS 4/28
Bristol-Myers $1.0 bln 30-yr A2/A+/A BAS/JPM/MS 4/28
Chubb Corp $600 mln 10-yr A2/A/A+ CITI/GS/ML 5/1
Chubb Corp $600 mln 30-yr A2/A/A+ CITI/GS/ML 5/1
Comcast $1.0 bln 10-yr Baa2/BBB+/BBB+ CITI/DB/ML/UBS 5/2
Comcast $1.0 bln 30-yr Baa2/BBB+/BBB+ CITI/DB/ML/UBS 5/2
Credit Suisse NY $4.0 bln 5-yr mtn Aa1/AA-/AA- CS 5/1
Dow Chemical $800 mln 10-yr A3/A-/A- HSBC/ML/RBSGC 5/1
*Genworth Life $500 mln 5-yr Aa3/AA-/NA BAS/WACH 4/29
*Israel Electric $1.0 bln 10-yr Baa2/BBB+/NA CITI/LEH 5/2
Jackson Nat'l $300 mln 5-yr A1/AA/NA BAS/MS 5/1
KeyBank NA $300 mln 7-yr A2/A-/A- CITI/CS/UBS 5/1
KLA-Tencor $750 mln 10-yr Baa1/BBB/BBB ML 4/29
Lehman Bros Hldgs $2.0 bln 30-yr A2/A/A+ LEH 5/2
Morgan Stanley $2.0 bln 10-yr Aa3/AA-/AA- MS 5/2
*NY Life Global $1.0 bln 5-yr Aaa/AAA/NA DB/ML/WB 5/2
*Pearson Dollar $350 mln 5-yr Baa1/BBB+/NA BARC/BNP/CITI 4/29
*Pearson Dollar $550 mln 10-yr Baa1/BBB+/NA BARC/BNP/CITI 4/29
Prologis $600 mln 10-yr Baa1/BBB+/BBB+ CITI/GS/RBSGC 5/1
------------------------------------------------------------------------------
PREVIOUS SPLIT-RATED BOND SALES
COMPANY AMT MAT/DEBT RTGS MGRS PRICED
Centerpoint Engy $300 mln 10-yr Ba1/BBB-/BBB- LEH/RBSGC/WB 5/1
------------------------------------------------------------------------------
PREVIOUS HIGH-YIELD BOND SALES
COMPANY AMT MAT/DEBT RTGS MGRS PRICED
Ford Motor Credit $1.1 bln 7-yr B1/B/BB- JPM 4/29
*MarkWest Engy $100 mln 10-yr B2/B/NA JPM/RBC/WACH 4/28
------------------------------------------------------------------------------
PREVIOUS CONVERTIBLE SECURITIES SALES
COMPANY AMT MAT/DEBT RTGS MGRS PRICED
------------------------------------------------------------------------------
DEALS RECENTLY POSTPONED
COMPANY AMT MAT/DEBT RTGS MGRS DATE POSTPONED
Bunge Ltd Fin $TBA 5-yr Baa2/BBB-/BBB BNP/HSBC/JPM/RBSGC 3/12
Bunge Ltd Fin $TBA 10-yr Baa2/BBB-/BBB BNP/HSBC/JPM/RBSGC 3/12
------------------------------------------------------------------------------
MANAGERS: SYNDICATE DESK NUMBERS:
GENERAL HIGH-YIELD HIGH-GRADE
ABN - ABN Amro Securities Inc 212-409-7563 212-409-7563
BAS - Banc of America Securities 212-583-8352 212-933-3433
BOCM - Banc One Capital Markets 312-732-7885 312-336-2525
BARC - Barclays Capital 212-412-2626 212-412-6730
BEAR - Bear Stearns & Co 212-272-5007 212-272-5371
BNP - BNP Paribas 212-841-3658 212-841-3658
CITI - Citigroup Global Markets 212-723-6001 212-723-6121
CS - Credit Suisse 212-325-3290 212.325-3325
DBS - Deutsche Bank Securities Inc 312-336-2525 312-732-1476
GS - Goldman Sachs & Co 212-902-8204 212-902-5954
JPM - J.P. Morgan Chase & Co 212-270-1100 212-834-4533
KBW - Keefe Bruyette & Woods 212-887-7777
LEH - Lehman Brothers Inc 212-526-9664 212-526-9664
ML - Merrill Lynch & Co 212-449-6762 212-449-4949
MS - Morgan Stanley 212-761-1286 212-761-1957
UBS - UBS Investment Bank 203-719-1556 203-719-1088
WACH - Wachovia Securities 704-383-1928 704-383-7727
((U.S. Financial Desk 646-223-6330))
Keywords: MARKETS CORPORATEBONDS CALENDAR
Forward Calendar - U.S. corporate bond new issues
Reuters: [2008-05-06 19:38:00]
May 6 (Reuters) - The following are lists of upcoming high-grade and
high-yield corporate bond offerings in the United States. The information was
gathered from IGM CorporateWatch, and other market sources:
*Denotes 144a private placement debt offering.
HIGH-GRADE BOND SALES EXPECTED FOR WEEK OF 5/5/2008
COMPANY AMT MAT/DEBT RTGS MGRS PRICED
Bank of America $1.0 bln 2-yr frn Aaa/AA+/NA BAS 5/5
Bank of America $1.7 bln 2-yr frn Aaa/AA+/NA BAS 5/5
Citigroup $3.0 bln 10-yr Aa3/AA-/AA- CITI 5/5
ConocoPhillips $400 mln 5-yr A1/A/A CITI/RBSGC 5/5
ConocoPhillips $500 mln 10-yr A1/A/A CITI/RBSGC 5/5
ConocoPhillips $600 mln 30-yr A1/A/A CITI/RBSGC 5/5
Duke Realty $325 mln 5-yr Baa1/BBB+/BBB WB 5/5
GlaxoSmithKline $1.0 bln 2-yr frn A1/A+/AA- CITI/JPM/LEH
GlaxoSmithKline $2.5 bln 5-yr A1/A+/AA- CITI/JPM/LEH
GlaxoSmithKline $2.75 bln 10-yr A1/A+/AA- CITI/JPM/LEH
GlaxoSmithKline $2.75 bln 30-yr A1/A+/AA- CITI/JPM/LEH
*Grupo Televisa $500 mln 10-yr Baa1/BBB+/BBB+ HSBC/JPM
Transalta Corp $TBA 10-yr Baa2/BBB/NA CITI/HSBC
------------------------------------------------------------------------------
SPLIT-RATED BOND SALES EXPECTED FOR WEEK OF 5/5/2008
COMPANY AMT MAT/DEBT RTGS MGRS PRICED
------------------------------------------------------------------------------
CONVERTIBLE BOND SALES EXPECTED FOR WEEK OF 5/5/2008
COMPANY AMT MAT/DEBT RTGS MGRS PRICED
------------------------------------------------------------------------------
HIGH-YIELD BOND SALES EXPECTED FOR WEEK OF 5/5/2008
COMPANY AMT MAT/DEBT RTGS MGRS PRICED
*Newfield Explor $600 mln 10-yr Ba3/BB-/NA JPM/MS 5/5
------------------------------------------------------------------------------
UPCOMING DEALS
COMPANY AMT MAT/DEBT RTGS MGRS PRICED
------------------------------------------------------------------------------
PREVIOUS HIGH-GRADE BOND SALES
COMPANY AMT MAT/DEBT RTGS MGRS PRICED
AMB Property LP $325 mln 5-yr mtn Baa1/BBB/BBB+ BAS/JPM/MS 4/28
*Bank of Montreal $2.5 bln 6-yr ext A1/A+/NA BMO/GS/MS 4/29
Bristol-Myers $600 mln 10-yr A2/A+/A BAS/JPM/MS 4/28
Bristol-Myers $1.0 bln 30-yr A2/A+/A BAS/JPM/MS 4/28
Chubb Corp $600 mln 10-yr A2/A/A+ CITI/GS/ML 5/1
Chubb Corp $600 mln 30-yr A2/A/A+ CITI/GS/ML 5/1
Comcast $1.0 bln 10-yr Baa2/BBB+/BBB+ CITI/DB/ML/UBS 5/2
Comcast $1.0 bln 30-yr Baa2/BBB+/BBB+ CITI/DB/ML/UBS 5/2
Credit Suisse NY $4.0 bln 5-yr mtn Aa1/AA-/AA- CS 5/1
Dow Chemical $800 mln 10-yr A3/A-/A- HSBC/ML/RBSGC 5/1
*Genworth Life $500 mln 5-yr Aa3/AA-/NA BAS/WACH 4/29
*Israel Electric $1.0 bln 10-yr Baa2/BBB+/NA CITI/LEH 5/2
Jackson Nat'l $300 mln 5-yr A1/AA/NA BAS/MS 5/1
KeyBank NA $300 mln 7-yr A2/A-/A- CITI/CS/UBS 5/1
KLA-Tencor $750 mln 10-yr Baa1/BBB/BBB ML 4/29
Lehman Bros Hldgs $2.0 bln 30-yr A2/A/A+ LEH 5/2
Morgan Stanley $2.0 bln 10-yr Aa3/AA-/AA- MS 5/2
*NY Life Global $1.0 bln 5-yr Aaa/AAA/NA DB/ML/WB 5/2
*Pearson Dollar $350 mln 5-yr Baa1/BBB+/NA BARC/BNP/CITI 4/29
*Pearson Dollar $550 mln 10-yr Baa1/BBB+/NA BARC/BNP/CITI 4/29
Prologis $600 mln 10-yr Baa1/BBB+/BBB+ CITI/GS/RBSGC 5/1
------------------------------------------------------------------------------
PREVIOUS SPLIT-RATED BOND SALES
COMPANY AMT MAT/DEBT RTGS MGRS PRICED
Centerpoint Engy $300 mln 10-yr Ba1/BBB-/BBB- LEH/RBSGC/WB 5/1
------------------------------------------------------------------------------
PREVIOUS HIGH-YIELD BOND SALES
COMPANY AMT MAT/DEBT RTGS MGRS PRICED
Ford Motor Credit $1.1 bln 7-yr B1/B/BB- JPM 4/29
*MarkWest Engy $100 mln 10-yr B2/B/NA JPM/RBC/WACH 4/28
------------------------------------------------------------------------------
PREVIOUS CONVERTIBLE SECURITIES SALES
COMPANY AMT MAT/DEBT RTGS MGRS PRICED
------------------------------------------------------------------------------
DEALS RECENTLY POSTPONED
COMPANY AMT MAT/DEBT RTGS MGRS DATE POSTPONED
Bunge Ltd Fin $TBA 5-yr Baa2/BBB-/BBB BNP/HSBC/JPM/RBSGC 3/12
Bunge Ltd Fin $TBA 10-yr Baa2/BBB-/BBB BNP/HSBC/JPM/RBSGC 3/12
------------------------------------------------------------------------------
MANAGERS: SYNDICATE DESK NUMBERS:
GENERAL HIGH-YIELD HIGH-GRADE
ABN - ABN Amro Securities Inc 212-409-7563 212-409-7563
BAS - Banc of America Securities 212-583-8352 212-933-3433
BOCM - Banc One Capital Markets 312-732-7885 312-336-2525
BARC - Barclays Capital 212-412-2626 212-412-6730
BEAR - Bear Stearns & Co 212-272-5007 212-272-5371
BNP - BNP Paribas 212-841-3658 212-841-3658
CITI - Citigroup Global Markets 212-723-6001 212-723-6121
CS - Credit Suisse 212-325-3290 212.325-3325
DBS - Deutsche Bank Securities Inc 312-336-2525 312-732-1476
GS - Goldman Sachs & Co 212-902-8204 212-902-5954
JPM - J.P. Morgan Chase & Co 212-270-1100 212-834-4533
KBW - Keefe Bruyette & Woods 212-887-7777
LEH - Lehman Brothers Inc 212-526-9664 212-526-9664
ML - Merrill Lynch & Co 212-449-6762 212-449-4949
MS - Morgan Stanley 212-761-1286 212-761-1957
UBS - UBS Investment Bank 203-719-1556 203-719-1088
WACH - Wachovia Securities 704-383-1928 704-383-7727
((U.S. Financial Desk 646-223-6330))
Keywords: MARKETS CORPORATEBONDS CALENDAR
PREVIEW-Citigroup's Pandit gets ready for his close-up
Reuters: [2008-05-06 18:53:00]
By Jonathan Stempel
NEW YORK, May 6 (Reuters) - Vikram Pandit's first five months as Citigroup Inc <C.N> chief executive have been no honeymoon.
Since taking over in December from Charles Prince, who quit under pressure, Pandit has presided over nearly $15 billion of reported losses, much of the bank's efforts to raise more than $40 billion of capital and a 41 percent dividend cut.
Pandit has also faced repeated demands from investors that he slash costs, divest poorly performing businesses and perhaps even break up the largest U.S. bank.
In a four-hour presentation to analysts and investors on Friday, Pandit and other top executives will lay out their vision for Citigroup. Pandit, known for his caution, has promised details on how he will make it run better.
"If people are expecting a grand design, they may be disappointed," said Marshall Front, who oversees $800 million at Front Barnett Associates LLC in Chicago. "I think he will give us the state of the union: where have we been, where are we now and where are we headed. We'll have a better idea of his stewardship in six months."
Investors have long viewed New York-based Citigroup, which has $2.2 trillion of assets and operates in more than 100 countries, as a bloated work in progress.
The bank's shares are down about one-fourth since Pandit took over and by more than half in the last year.
At the bank's nearly four-hour annual meeting last month, shareholders vented anger over the share price and executive pay, and employees expressed dismay over their treatment.
"I would like to hear some definition of how far they have to cut," said Michael Holland, who runs the money manager Holland & Co in New York. "Pandit would be smart to avoid any kind of time frames, keep expectations modest -- and try to outperform those expectations."
SMALL STEPS
Pandit has so far moved in smaller steps.
He has agreed to sell most of the CitiCapital commercial lending and leasing unit, resulting in a $325 million after-tax loss and the bank's stake in the CitiStreet benefits servicing venture, resulting in a $200 million gain.
The Wall Street Journal said he may sell Primerica Financial Services, an insurance and mutual fund sales unit.
Pandit reduced risk by cutting back on mortgage lending and deciding to unload $45 billion of loans, and selling $12 billion of loans to fund corporate buyouts at a discount.
He has also reorganized the U.S. wealth management unit and shaken up the organizational structure for consumer banking, Citigroup's biggest business.
Pandit lured Terri Dial, who revived Lloyds TSB Group Plc's <LLOY.L> U.S. banking business, to run North American consumer operations. He also installed former Morgan Stanley <MS.N> colleague John Havens to run investment banking.
Citigroup is also restructuring its Old Lane hedge fund unit, which Pandit once ran and letting outside investors withdraw their money. This comes less than a year after Prince paid about $800 million for Old Lane, in part to add Pandit.
And the bank has announced 13,200 job cuts in 2008. Analysts have said tens of thousands of further cuts may be needed. The bank ended March with 369,000 employees.
MORE PROBLEMS AHEAD?
But the bank's surprise sale last week of about $4.9 billion of common stock fueled fears that undisclosed problems on its books might be deeper and longer-lasting than feared.
Oppenheimer & Co's Meredith Whitney, who last October correctly forecast the capital-raising drive and dividend cut, said Citigroup may need another $10 billion to $15 billion of capital and to cut its dividend a second time.
"I'm like to see how much more capital Citigroup really needs to raise and, in its judgment, how much more deterioration there will be in housing, which is an important driver of further write-downs," Front said.
Though Pandit has been in the job for about five months, he faces pressure to do something -- anything -- to show the bank can generate sustainable profit and revenue growth.
"Patience is required," Holland said. "But pressure is building. It's the nature of Wall Street: what have you done for me lately." (Editing by Andre Grenon) ((jon.stempel@thomsonreuters.com +1 646 223 6317; Reuters Messaging: jon.stempel.reuters.com@reuters.net))
Keywords: CITIGROUP/PANDIT
EURO GOVT-Bonds rise after UK data, U.S. Fannie Mae results
Reuters: [2008-05-06 17:52:00]
By George Matlock
LONDON, May 6 (Reuters) - Euro zone government bonds rose on Tuesday after weaker UK services sector data and a larger-than- expected loss reported by the largest provider of U.S. home financing.
Bonds started the session weighed down ahead of key interest rate meetings later this week from the Bank of England and European Central Bank.
But weaker-than-expected Purchasing Managers' Index data sent Bunds chasing UK gilts higher.
Later, Fannie Mae <FNM.N> posted a net loss, after payment of preferred dividends, of $2.51 billion, or $2.57 per share, for the first quarter. That comes on the heels of a record $3.6 billion loss in the fourth quarter and marks the third successive quarterly loss for the home financing giant.
Wall Street analysts, on average, expected the company to report a loss of $1.48 per share excluding any special items, according to Reuters Estimates.
The U.S. housing market has been in the doldrums after a subprime mortgage market crisis which began last August.
"The 800,000 lots in the Bund future volumes suggest many investors are either on holiday or on the sidelines awaiting the ECB rate decision on Thursday," said a trader in London.
At 1520 GMT, the June Bund future <FGBLM8> was 23 ticks higher at 114.00. Two-year Schatz yields <EU2YT=RR> were 4.5 basis points lower at 3.763 percent, while 10-year Bund yields <EU10YT=RR> were 0.3 basis points higher at 4.13 percent.
"People have come back after the long weekend and they're not too keen to push things materially one way or the other ahead of the ECB," said Nomura rate strategist Sean Maloney.
Most euro zone markets were closed on May 1 for a holiday and investors made a long weekend of it, while UK markets were shut for a Bank Holiday on Monday.
Euribor interest rate futures <0#FEI:> were 4-5 basis points higher across the 2008 strip.
Inflation worries are expected to keep ECB rates on hold at 4.0 percent on Thursday with the market hoping comments from ECB President Jean-Claude Trichet will restore clarity after recent conflicting comments from policy makers. [ECB/INT]
Preliminary figures last week showed euro zone inflation dipped back to 3.3 percent in April after hitting a record high of 3.6 percent in March.
But with recent oil price spikes still to be factored in, it may not be out of the woods yet, with Trichet on Monday saying spiralling oil and food costs meant inflation risks remained "significant".
Crude oil <CLc1> steadied on Tuesday but held near $120 a barrel.
The Bank of England is also expected to keep rates on hold on Thursday with any cut seen more likely in June. [BOE/INT]
European two-year swap rates <EURAB6E2Y=> were 4.52 percent compared with 4.578 percent on Monday.
Ten-year European swap rates <EURAB6E10Y=> were 4.557 percent compared with 4.603 percent on Monday.
European bourses were lower as Swiss bank UBS <UBSN.VX> posted a large first-quarter loss.
In supply, Austria issued 550 million euros of its 4.35 percent March 2019 bond. The bid-to-cover ratio was slightly lower than at the previous sale on April 1, at 2.54 versus 2.70.
Meanwhile, Greece opened and within the day closed an order book for its new 10-year bond. An official source said the book size was more than 7 billion euros. One of the lead managers added that Greece planned to sell 4 billion euros of the paper, to yield 55 basis points more then German Bunds. More [ID:nL06354037]. (Editing by Stephen Nisbet) ((george.matlock@reuters.com; Reuters Messaging: george.matlock.reuters.com@reuters.net; +44 20 7542 2508))
Keywords: MARKETS BONDS EURO
--------------MARKET SNAPSHOT AT 1540 GMT------------------
Futures continuous contract basis
FUTURES CASH YIELD
THREE MONTH EURO 95.260 (+0.040) 3.978 (+0.038)
TWO-YEAR SCHATZ 103.82 (+0.12) 3.774 (-0.033)
10-YEAR BUND 114.00 (+0.23) 4.131 (-0.030)
30-YEAR BUND 4.603 (-0.017)
Current levels versus prior European close
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