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$396 BILLION OF TRUSTEED DEBT ISSUED IN '92; CITIBANK MAINTAINS LEADING TRUSTEE POSITION

 NEW YORK, March 3 /PRNewswire/ -- Citibank reported today that $396 billion of investment grade trusteed debt was issued in the U.S. capital markets in 1992, surpassing the 1991 total of $373 billion. Trusteed debt is made up of long-term bonds, medium-term notes (MTNs), and asset-based securities. Long-term issuances represented 36 percent of the total; MTNs, 39 percent; and asset-based, 25 percent. Both the proceeds from, and the number of issuances of, long-term bond issuances topped 1991 by 26.6 percent and 32.4 percent, respectively. MTN proceeds and issuances fell 6 percent and 23.9 percent, respectively. Proceeds from asset-based securities, which includes both asset and mortgage-backed securities, increased 2.8 percent, with the number of issuances falling 7.9 percent.
 The $396 billion represents 1,317 issues of investment grade paper, excluding federal credit agencies, and national, regional, and city government agencies. In 1991, there were 1,199 issues. According to Securities Data Company, Citibank maintained its position as the leading trustee, servicing $52 billion (13.1 percent) of the $396 billion.
 "Our strong performance was fueled by our strength in servicing MTNs, where we had a market share of 21.6 percent," stated Mark Bach, director, corporate trust. "While overall MTN issuance was down last year, owing to a robust underwritten market, their versatility became more evident with the increase in derivative-linked issuances."
 The Trust Indenture Act of 1939 sets forth certain criteria for a trustee and the terms of the obligations for all public debt issued in the United States. The trustee is charged with the safeguarding the interests of the bondholders and ensures compliance with the terms of the Indenture of Trust, the agreement which defines the roles and responsibilities of the issuer and the trustee. In addition to acting as trustee, Citibank also provides agency-related services in support of U.S. and non-U.S., public and private debt issuances.
 -0- 3/3/93
 /CONTACT: Maureen Mager of Citibank, 212-412-6262/
 (CCI)


CO: Citibank ST: New York IN: FIN SU:

GK-PS -- NY032 -- 2397 03/03/93 11:06 EST
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Publication:PR Newswire
Date:Mar 3, 1993
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