Selling FDIC-Backed Debt: Citigroup, Wells Fargo & Co. and GE Capital

Wells Fargo & Co (NYSE:WFC), Citigroup Inc (NYSE:C) and GE Capital join other banks by selling US government backed bonds to refinance debt by buying the cheap funds.

According to Bloomberg data Wells Fargo will issue three-year fixed and floating rate bonds. Citigroup sold $5.5 billion of FDIC-guaranteed bonds, split among floating-rate notes maturing to two and three years and fixed-rate debt due in 2012. GE Capital plans to sell three-year fixed-rate notes, according to a filing with the Securities and Exchange Commission made today.

Citigroup, Wells Fargo and GE Capital all followed Bank of America Corp, Morgan Stanley, JPMorgan Chase & Co and Goldman Sachs Group Inc, which already have sold since November 21 combined debt of $27.1 billion.

Source: Bloomberg The Goods: Live Hard, Sell Hard video