NEW YORK - Citicorp's planned offering of preferred equity redemption cumulative stock, or Percs, has cleared the Securities and Exchange Commission, a Wall Street source said Friday.

It will not be effective until a price is set. The price talk began Friday, the source said.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.