Credit Card Securities Offered to Public: Citicorp...

Credit Card Securities Offered to Public: Citicorp announced the first public offering of securities, backed by credit card receivables, targeted for individual investors. Previously such issues had been offered only to institutions. The $500-million issue, filed with the Securities and Exchange Commission, will be offered in denominations of $1,000 with interest to be paid monthly at a rate and price expected to be determined in late May.