Citigroup’s tender for the equity income notes issued by Skytop CLO resulted in it acquiring 46.77% of the $31 million of this class of securities outstanding.

Skytop is one of several synthetic CLOs that Citi has been seeking to gain control of by purchasing the riskiest portions, which typically have voting rights.

Skytop is managed by Invesco, but in an arrangement typical of synthetic CLOs, the assets were purchased by Citigroup and the bank passes along any returns or losses to holders of the CLO securities through a swap agreement. A Citi spokeswoman said last month that the assets are currently held by Citi Holdings, the bank’s unit for assets it intends to dispose of.

A statement Citi issued Monday on the tender auction results did not indicate if the bank had acquiring a large enough percentage of the securities to liquidate Skytop, and spokesman Mark Costiglio declined to comment.

The tender offer expired on Friday and Citi expects settlement to occur promptly, according to the statement.

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