Citicorp's bonds
Citicorp's bonds took a tumble after the bank announced an $885 million third-quarter loss and suspended its dividend. The bank's 9.75% subordinated notes due 1999 lost about $10 per $1,000 in price, nudging the yield to nearly 10%.
"It's been sporadic but down," said Michael Hynes, a managing director at Smith Barney, Harris Upham & Co.
Bonds of other banks announcing earnings, such as Chemical Banking Corp. and Manufacturers Hanover Corp., were little charged. Those banks reported earnings at least as strong as analysts expected.
