Citi’s Agency and Trust Appointed Agent for International Finance Corporation’s AUD 400 Million Floating Rate Kangaroo Bond
Sydney, Hong Kong, London and New York - February 22, 2011 – Citi’s Agency and Trust business, part of the Global Transaction Services division, has been appointed as issuing agent, paying agent, registrar, transfer agent and calculation agent for International Finance Corporation’s (IFC) AUD 400,000,000 Australian Domestic Floating Rate Notes due March 2015. Kangaroo bonds are notes issued in Australian dollars and marketed locally by offshore organizations looking to access Australian investors, improve their currency exposure and diversify their sources of funding.
The notes will be listed on the Australian Stock Exchange (ASX) and be registered via Austraclear. Citi will provide a broad range of administrative services to facilitate the issuance and ongoing administration of the note, including liaising with Austraclear, maintaining a registry of holders, fixing interest rates and processing principal and interest payments.
"Citi is an important global partner to IFC," said John Borthwick, Deputy Treasurer and Head of Funding, IFC. "We are pleased to be working together on this important issuance into the Australian domestic market and look forward to continued collaboration."
Performing the roles of issuing and paying agent, registrar and calculation agent on Kangaroo bonds, Citi assists corporate and institutional clients issue bonds into the Australian market. Providing offshore issuers with invaluable knowledge through an experienced team of corporate trust professionals located in Sydney, Melbourne, Hong Kong, London and New York, Citi Agency and Trust assists clients from issuance to maturity.
"The Kangaroo bond market has been increasingly attractive to issuers due to the growth of the Australian economy and high liquidity in the domestic market," said Alan Smith, Managing Director, Global Business Head, Issuer Services, Global Transaction Services, Citi. "As a leading provider of corporate trust services globally, Citi is well-placed to utilize its unmatched network and capabilities to support IFC and additional clients as they access this growing opportunity."
In addition to Kangaroo bond administration, Citi’s Agency and Trust offers additional services to both onshore and offshore clients in Australia. Covering escrows, loans, bonds and other agency services, these capabilities support Citi’s clients to access and capitalize on the growing Australian market.
Citi’s Agency and Trust provides innovative banking solutions to financial institutions, corporate clients and public sector entities. Spanning a network of over 70 countries, the business offers a full range of agency, fiduciary, tender and exchange, depository and escrow services, administering over US$4 trillion in fixed income and equity securities on behalf of 2,800 clients.
Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 160 countries. Through its two operating units, Citicorp and Citi Holdings, Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management. Additional information may be found at www.citigroup.com or www.citi.com.
About Global Transaction Services
Global Transaction Services, a division of Citi’s Institutional Clients Group, offers integrated cash management, trade, and securities and fund services to multinational corporations, financial institutions and public sector organizations around the world. With a network that spans more than 100 countries, Citi's Global Transaction Services supports over 65,000 clients. As of the fourth quarter of 2010, it held $353 billion in liability balances and $12.6 trillion in assets under custody.