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Bloomberg
Citigroup Inc agreed to sell its fixed-income analytics and index business to the London Stock Exchange Group Plc for US$685 million in cash following a strategic review of the unit.
The transaction includes Citigroup’s fixed-income analytics platform, The Yield Book, and indexes including the World Government Bond Index, the New York-based bank said in a statement on Tuesday. The business generated US$107 million of revenue in 2016, LSE said in a separate statement. The deal is expected to close in the second half of the year.
The Yield Book traces its roots to books about bond data that Salomon Brothers began publishing in the 1960s. It offers a range of analytical tools for investors and traders in corporate, government and mortgage bonds, as well as derivatives and other kinds of securities, according to its website.
Salomon Brothers, the Wall Street firm that essentially created the modern fixed income market, started Yield Book in 1989 as a software tool for helping customers calculate bond yields.