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Cleary Gottlieb Steen & Hamilton has advised on Citigroup's third equity offering so far this year.
New York partners Alan Beller and Jeff Karpf led the firm's team advising the investment bank on its $4.5bn common stock offering, announced yesterday (30 April).
The equity offering comes just one week after Kapf and Beller advised the bank on the issuance of $6bn of preferred stock.
Karpf said: "It is an extremely longstanding relationship. We are the dedicated underwriting counsel for all of Citi's offerings."
Sullivan & Cromwell partner Mitch Eitel worked alongside the Cleary team as co-counsel advising on regulatory matters, while Skadden Arps Slate Meagher & Flom partners Eric Friedman and Greg Fernicola advised Citi as issuer counsel.
Earlier this year (1 February), The Lawyer reported that Cleary and Sullivan had advised Citi on its $19bn equity in which sovereign wealth funds, Government of Singapore Investment Corporation, the Kuwait Investment Authority and Prince Alwaleed bin Talal bin Abdulaziz all invested a stake in the bank.
Eitel said: "Given market volatility, I think it is indeed likely that we will see more banks raising capital in a variety of ways."