> Finance & Stock Exchange > Bonds > U.S. Corporate 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
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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
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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
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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
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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
------------------------------------------------------------------------------
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 CORP-Financials weigh on spreads; primary market rush
Reuters: [2008-05-06 17:40:00]
By Maya Thatcher
LONDON, May 6 (Reuters) - Poor quarterly performances at Fannie Mae <FNM.N> and Swiss Re <RUKN.VX> weighed on European credit spreads on Tuesday, as investors were kept busy with a torrent of fresh bond supply.
By 0520 GMT, the Markit investment-grade iTraxx Europe index <ITRAC5EA=GFI> was at 72.5 basis points, according to Markit data, 8.25 basis points wider versus late on Monday.
The iTraxx Crossover index <ITCRS5EA=GFI>, made up of 50 mostly "junk"-rated credits, was 26 basis points wider at 423 basis points.
Despite the widening spreads, a trader said the market was holding itself well.
"The market has been performing very strongly because, with all the bad news, we're still very tight," the trader said. "Last year, whenever we had such news, spreads went much wider."
The primary bond market saw one of its busiest issuance days this year, with a deluge of fresh supply coming from drugmaker GlaxoSmithKline <GSK.L>, as well as units of German carmaker Volkswagen <VOWG.DE>, Britain's National Grid <NG.L> and U.S. conglomerate General Electric <GE.N>.
But UniCredit (HVB) credit strategist Philip Gisdakis said the rush of new issuance should not be taken as a sign the worst of the credit crisis was over.
"There is nothing that really points to an end to the credit crisis," he said.
"How can you come to the idea that senior management across the world are laying off huge amount of staff and yet the crisis is over? That's ridiculous.
"I would love to be wrong with my view ... (but) we have to be honest and look at what's going on."
UBS <UBSN.VX> said it would cut 5,500 jobs, sending five-year credit default swaps on the Swiss bank 4.5 basis points wider at 57 basis points, according to Markit data.
TAKING ADVANTAGE
GlaxoSmithKline <GSK.L>, the world's second-biggest drugmaker, has mandated Citigroup, JP Morgan and Lehman Brothers to manage the sale of a $6 billion, three-tranche bond. The deal will consist of five-year, 10-year and 30-year bonds, with the proceeds used for the repayment of debt, dividends, working capital and share repurchases.
Volkswagen Credit Inc USA has set final terms on the sale of its three-year, 1.25 billion euro ($1.9 billion) bond.
Guidance for the bond, which will be priced later on Tuesday, was refined to mid-saps plus 75 basis points from an initial range of 75 to 80 basis points.
Also, a unit of British utility National Grid priced a 30-year, 300 million pound ($589 million) bond.
Gisdakis said borrowers were taking advantage of relatively calmer spreads.
"There's a window of opportunity and (element of) 'let's step in and get some funding before levels deteriorate again,'" he said.
Elsewhere, Irish building materials group CRH Plc <CRH.I> <CRH.L> has hired banks to arrange a series of bond investor meetings in Europe next week, starting in the Netherlands on May 13.
Sovereigns also grabbed a slice of the new issuance pie with Spain and Greece announcing bond sales.
Greece has set revised guidance for its 10-year, 4 billion euro bond at 55 basis points over Bunds. Demand has been strong, with orders of more than 7 billion euros, a source at Greece's public debt agency said.
Spain is preparing a 5-year benchmark dollar bond, the second time the nation has tapped the syndicated bond market this year. (Reporting by Maya Thatcher; Editing by David Hulmes)
((maya.thatcher@reuters.com; +44 207 542 9202; Reuters Messaging: maya.thatcher.reuters.com@reuters.net))
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