Citizens Property Insurance to bring $2 billion secured bonds Tuesday

By Sheri Kasprzak

New York, March 22 - The Citizens Property Insurance Corp. is expected to price $2 billion in series 2010 high-risk account senior secured bonds on Tuesday, according to a calendar of upcoming deals.

The offering includes series 2010A-1, 2010A-2, 2010A-3 and 2010A-4 bonds.

J.P. Morgan Securities Inc. is the senior manager for the 2010A-1 and 2010A-2 bonds. Goldman Sachs & Co. is the lead manager for the 2010A-3 and 2010A-4 bonds.

The co-managers include Bank of America Merrill Lynch, Citigroup Global Markets Inc., Morgan Stanley & Co. Inc., First Southwest Co., Jefferies & Co., Loop Capital Markets LLC, RBC Capital Markets Inc., Siebert Brandford Shank & Co. LLC and Wells Fargo Securities Inc.

Proceeds will be used to reimburse the corporation's proceeds accounts for amounts disbursed to pay claims.

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