John Reed’s pronouncements that Citibank and Travelers Group are not merging fast enough may be too severe. The banking group’s merged corporate and investment banking divisions are trying their best to show otherwise.
The two have not been involved in a huge number of deals together but last month’s $100 million securitization for the Argentine national airline, Aerolíneas Argentinas, was a major landmark.
The deal is innovative on several fronts: future receivables from 10 different countries are used; the bond is targeted at institutional investors around the world through a 144a structure; and much of the risk is transferred on to the reinsurance market.
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