Citigroup Insights

TD Bank, the U.S. unit of the Canadian bank, has hired Christopher Fred as its new head of U.S. credit cards and unsecured lending. The bank's retail partners include Target and Nordstrom.

Corporations are navigating shifting geopolitics, and M&A bankers are advising them as they consider selling off faraway units and focusing more on assets closer to home or in friendlier countries.

The move from Republican senators mirrors an effort launched in the House, where Citibank also provides credit cards for congressional business. Republicans will be unable to enact such changes unless they take either chamber in upcoming elections.

China raised $2 billion from three- and five-year securities at one and three basis points over Treasuries, respectively, according to a person familiar with the matter.

The fixed-rate notes are expected to yield 4.90% on the A1 notes through 5.29% on the class D notes.

The senior tranche will sell a mix of floating and fixed-rate notes, benefiting 22.5% in credit support. The class B notes are covered to a level of 15.0% and the tranche sells all fixed-rate notes.

Analysts peppered CEO Jane Fraser with questions about whether Citigroup, already hit hard by its regulators, could face asset growth restrictions. She said there is "absolutely nothing" in the works that could impact the megabank's businesses.

Notes benefit from overcollateralization of 2.60% of the initial pool. Subordination and a sequential payment priority will cause enhancement to be built up in the transaction, with overcollateralization reaching 4.5%.