CITIBANK has wrapped up a floating-rate certificate of deposit (FRCD) issue, after boosting the deal by a third to $2 billion. Launched last month, the three-tranche deal offered a three-year $775 million tranche, a four-year $550 million tranche and a five-year $675 million tranche, a Citibank spokesman said. He said the coupon for the three-year tranche was 35 basis points over the one-month Hong Kong interbank offered rate (HIBOR), 40 basis points over one-month HIBOR for the four-year tranche and 45 basis points over one-month HIBOR for the five-year tranche. Interest is payable quarterly in arrears. 'Citibank launched the FRCD to diversify the bank's funding base,' the spokesman said. 'The issue complements the bank's $1 billion mortgage securitisation issue in July as a balance sheet management tool.' The issue was arranged by Schroders Asia and China Development Finance Co and 23 institutions participated. A wave of banks and corporates have raised cash recently through floating-rate issues recently, with Manhattan Card Co signalling yesterday that it was seeking to raise Hong Kong dollars soon through an FRCD. Standard Chartered Bank and Fuji Bank recently issued FRCDs and Wharf (Holdings) raised $2.3 billion through a floating-rate note (FRN) issue.