Citicorp to Redeem Stock: The bank said...
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From Times Staff and Wire Reports
Citicorp to Redeem Stock: The bank said it would redeem $275 million of the $950 million of money market preferred securities that it offered just two weeks ago at record high interest rates. The move succeeded in driving interest rates down: When Citicorp auctioned similar paper, it produced an interest rate of 7.48%--a sharp drop.
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