There are multiple reports passing along information that Citigroup — the largest bank in the United States — could possibly sell $12 billion worth of leveraged loans and bonds at a discount (90 cents on the dollar) to “shore up” its balance sheet.
The sale would be to private equity firms such as Apollo Group, Blackstone Group and TPC, signaling “the largest single sale of leveraged loans in recent memory.”
This news comes on the heels of recent word that Washington Mutual — the largest savings and loan in the United States — just received a “capital injection” of $7 billion to help it recover from a glut of mortgages and delinquencies.
Stay tuned for more updates.
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