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.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

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