Citigroup is said to be offering asset-backed securitization to bidders for its CitiFinancial unit. Sources said the bidding groups, made up of more than 10 private equity firms, would need several billion to finance a $13 billion purchase of CitiFinancial, with Citi indicating it would be open to retaining a minority stake in the unit. Even with help from Citi and similar financing from other banks, sources said there would still be a huge funding gap that will need to be filled though term loans, high-yield debt or similar means.
