Caterpillar Appoints Citi as Agent on CNY 1.3 Billion Dim Sum Bond
Hong Kong, New York - April 2, 2012 – Citi’s Agency and Trust business, part of the Citi Transaction Services division, has been appointed as Central Moneymarkets Unit (CMU) Lodging Agent and Paying Agent for Caterpillar Financial Services Corporation’s CNY 1.3 billion dim sum bond. This transaction represents the first dim sum bond issuance to be completed by a non-Asian corporate in 2012.
The notes will be both denominated and settled in Renminbi (RMB) and cleared through the Hong Kong CMU. In its role, Citi will provide a variety of services to Caterpillar, including liaising with bondholders and the CMU settlement agency to processing principal and interest payments until maturity.
David Russell, Managing Director, Regional Head, Asia Pacific, Securities and Funds Services, Citi, said, "Citi congratulates Caterpillar on its successful transaction, which demonstrates the continued opening of the RMB funding markets as a source of capital for multinational corporations. This transaction further marks Citi’s leading position in the RMB bond markets and leaves us well-placed to support additional clients as they look to capture opportunities in this growing market."
In addition to bond administration, Citi offers a full suite of products to support offshore RMB transactions. Covering RMB bonds, loans, escrows and structured finance transactions, these capabilities allow clients to access the growing RMB market both in Hong Kong and internationally.
Through its Agency and Trust business, Citi provides innovative banking solutions to financial institutions, corporate clients and public sector entities. Spanning a network of over 100 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 bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. 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.
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About Citi Transaction Services
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 95 countries, Citi’s Transaction Services supports over 65,000 clients. As of the first quarter of 2012, it held on average $377 billion in liability balances and $13 trillion in assets under custody.