Citigroup to sell debt

New York, NY, Jul. 20 (UPI) -- Citigroup of New York said Tuesday it plans to sell $23 billion to $25 billion of debt this year, up from a planned $18 billion to $21 billion.

The world's largest financial institution said lower-than-expected second-quarter earnings and balance sheet growth and the acquisition of the South Korean bank KorAm led it to raise its debt issuance forecast.

Citigroup Treasurer Guy Whittaker said Citigroup, one of the largest U.S. corporate borrowers, sold about $22.8 billion of bonds last year.

About $13.2 billion of debt has been issued so far this year, with 47.5 percent of that issued outside the United States, Whittaker said.

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