Citicorp on Wednesday completed one of the lowest-cost borrowings ever in the credit card securities market.

The $1.6 billion deal, Citicorp's first this year, was priced at one of the lowest yields and tightest yield spreads over U.S. Treasuries since the credit card securities market came into being in the mid-1980s. The bulk of the offering was priced to yield 5.951%, or 46.6 basis points over three-year Treasuries.

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