Desert Citi

14 January 2008 By Richard Beales Follow @richardbeales1

Citigroup is set to unveil billions in fresh writedowns on Tuesday, along with new capital from Asian and Middle Eastern governmentlinked investors. It s the US bank s second capinhand visit. It might have to give Abu Dhabi, which stumped up $7.5bn in November, a better deal.

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Citigroup reports 2007 fourth quarter and full year earnings on Tuesday, January 15.

Merrill Lynch reports 2007 fourth quarter and full year earnings on Thursday, January 17.

Citigroup said on November 26 it would sell $7.5bn of mandatory convertible equity units to the Abu Dhabi Investment Authority.

Morgan Stanley said on December 19 that China Investment Corporation would invest approximately $5bn in equity units with mandatory conversion into stock.

UBS said on December 10 that the Government of Singapore Investment Corporation and a Middle Eastern investor would together invest $11bn equivalent in mandatory convertible notes.

Merrill Lynch said on December 24 that Singapore's Temasek Holdings and Davis Select Advisors, a US fund manager, would invest up to $6.2bn in stock.

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