(Bloomberg) — Investors in a $1 billion subordinated bond issued by Citigroup Inc. seven years ago received an unusual notice on Thursday: their bond won’t mature in five years’ time but in 2043 instead.The New York-based bank made a mistake when drawing up the bond’s prospectus back in 2013. While the document was headed “6.675% Subordinated Notes due 2043,” its maturity was given as September 13, 2025 no fewer than three times in the text. The bank was also selling a separate $1.42 billion tranche of subordinated bonds maturing in 2025 at that time.Prospectuses are legal documents setting out the …read more
Source:: Yahoo Finance
