Citigroup Inc Stock Price, News & Analysis

Citi has introduced Citi Real-Time Funding (RTF), a new addition to its real-time treasury solutions for corporate clients. Initially available in Australia, Hong Kong, and the UK, with plans for further expansion, Citi RTF automates the movement of funds between cross-border accounts based on client-defined rules. This facilitates 24/7 funding, reduces the need for account buffers and borrowing, and enables automated payments both domestically and internationally. According to Citi, RTF will aid in optimizing liquidity, enhance cash forecasting, and streamline treasury processes, especially for companies with lean treasury teams or centralized liquidity structures.

Citi Issuer Services, through Citibank N.A., has been appointed as the successor depositary bank for Iberdrola's sponsored Level 1 American Depositary Receipt (ADR) programme. Iberdrola's ADRs trade on the US over-the-counter market under the symbol 'IBDRY', with each ADR representing four ordinary shares listed on the Madrid Stock Exchange under 'IBE SM'.

Dirk Jones, Global Head of Issuer Services at Citi, highlighted Citi's global presence and investor relations expertise as key factors in their selection. Citi Securities Services manages approximately US$24 trillion in assets and provides a full suite of Custody, Execution, Fund, and Issuer Services. Their Issuer Services division supports depositary receipt programmes in 67 markets, facilitating cross-border capital market access.

Citi Issuer Services has been named as the depositary bank for Super Hi International Holding 's (HDL) ADR program. HDL, known for operating the Haidilao hot pot restaurant chain, listed its ADRs on the Nasdaq under the ticker 'HDL'. The IPO price for each ADR, representing ten ordinary shares, is set at $19.56, totaling $52.7 million (excluding over-allotment options). This collaboration highlights Citi's extensive cross-border capabilities and its commitment to providing superior ADR services. Citi Securities Services manages approximately $24 trillion in assets and offers a comprehensive suite of services globally.

Citigroup has announced the redemption of $1.5 billion of its 4.140% Fixed Rate/Floating Rate Notes and $500 million of its Floating Rate Notes, both due in 2025. The redemption date is set for May 24, 2024. The redemption price will be par plus accrued and unpaid interest up to the redemption date. This move aligns with Citigroup's strategy to optimize its funding and capital structure. From the redemption date, interest will no longer accrue on these notes. Citigroup will continue to evaluate opportunities for redeeming or repurchasing securities based on economic, regulatory, and market conditions.

Farmer Mac's board of directors has announced a second quarter dividend of $1.40 per share for its common stockholders, payable on June 28, 2024. The dividend pertains to Class A Voting Common Stock (NYSE: AGM.A), Class B Voting Common Stock, and Class C Non-Voting Common Stock (NYSE: AGM). Additionally, dividends for five classes of preferred stock have been declared, with payments scheduled for July 17, 2024.

Farmer Mac also plans to redeem all 3,000,000 shares of its Series C Preferred Stock (NYSE: AGM.PR.C) valued at $75 million. Holders will receive a written notice between 30 and 60 days before the redemption date, which will not affect the dividend payments declared for July 17, 2024.

Farmer Mac continues its mission to provide accessible financing to American agriculture and rural infrastructure, supporting various customers including agricultural lenders and rural electric cooperatives.

Citi announced the Citi Strata Premier Card, an enhancement of the Citi Premier Card, offering increased benefits and opportunities to earn ThankYou Points with the same $95 annual fee. The new card provides travel protections, a sleek design, and various ways to earn points. Cardmembers can enjoy new benefits like 10 ThankYou Points for travel expenses, 4 new travel protection benefits, and more. With access to the ThankYou Rewards program, cardmembers can earn points without expiration and transfer them to airline and hotel partners.

Citi has made a strategic investment in Cicada Technologies Inc. to facilitate institutional e-trading of Mexican government bonds. Cicada's innovative all-to-all trading system allows global institutional market participants to trade Mexican government bonds without a pre-existing relationship. Citi will act as a liquidity provider for the trading platform, aiming to increase electronification in the Mexican fixed income market.