Financing One World Trade Center.

New York has always been Citi's home--in fact our first branch was built in 1812 at 55 Wall Street, just a few blocks from the current effort to rebuild the World Trade Center site in lower Manhattan. That's just one of the reasons we are so proud to have been selected as lead underwriter on $2.6 billion of Port Authority of New York and New Jersey federally taxable Consolidated Bonds for One World Trade Center, the retail components of the World Trade Center site and other World Trade Center site-wide infrastructure.

Based on Citi's banking expertise and taxable underwriting capabilities, the Port Authority selected Citi to be its lead banker on the first $750 million of federally taxable Consolidated Bonds issued in June 2009 to fund Port Authority construction at the World Trade Center site. In October 2010, Citi managed the issuance of an additional $850 million federally taxable Consolidated Bonds, and in May 2011 was authorized to manaze the future issuance of an additional $1 billion of federally taxable Consolidated Bonds to maintain the pace of the Port Authority's redevelopment efforts.

Citi has also put its marketing resources to work to ensure that the effort receives maximum attention from prospective investors. The Port Authority and Citi prepared extensive presentations that were made available to investors one week in advance of pricing the bonds. The presentations succinctly demonstrated the strengths of the Port Authority's credit by providing an overview of the Port Authority, its management structure, lines of business, activity trends, operating revenues and financial results.

In 2009 and 2010, Citi's marketing efforts brought in a significant number of new buyers for the Port Authority's bonds, including leveraging Citi's world-wide footprint to expand the Port Authority's buyer base to new international investors. The transactions were very well received, as reflected by order books that far exceeded the amount of bonds offered and by the low cost of capital that Citi and the Port Authority were able to achieve on the financings.

As you can see from these photos, the final World Trade Center complex will be impressive. It will include America's tallest skyscraper (topping out at 1,776 feet), with 3 million square feet of office space, the third-largest transportation hub in the City, a major performing arts center, the National September 11 Memorial and Museum (pictured left) and much more.

In addition to helping to arrange financing for the project, Citi has also donated $10 million toward the construction of the 9/11 Memorial. As a New York-based bank, we know what 9/11 meant to the life of this city and continues to mean to survivors, family members, and all New Yorkers. We are proud to be a part of this effort.

Work at the site is on-going, and we cannot wait to see the finished product. For more information, visit the Port Authority's website.

NOTE: Photos courtesy of the Port Authority of New York and New Jersey. This post was updated on June 20.