Hong Kong Futures Exchange
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Hibor issue for Citibank

Citibank yesterday closed a three-year $1.68 billion floating-rate certificate of deposit (FRCD) issue, the first linked to Hong Kong interbank offered rate (Hibor) futures. The interest payment date is set on the last trading day on the Hong Kong Futures Exchange of the three-month Hibor futures contract. The FRCD, the largest such issue since October 1997, will carry a coupon of three-month Hibor plus 35 basis points.