Citi catapults to top credit options dealer spot for US funds

Counterparty Radar: Market for mutual funds, ETFs continues to shrink in Q4 as Pimco, PGIM further cut exposures

Citi-surges-ahead-in-US-credit-options montage/Daniel Foster/Flickr/

Citi added $22 billion of notional exposure to its credit options book in the fourth quarter of 2022 to become the largest dealer to US retail funds. The bank now holds a 62% market share in credit options with mutual funds and exchange-traded funds, a marked rise from the 2% that it held 12 months previously.

Almost all of Citi’s growth came from trades with PGIM, which, despite shedding $16 billion of exposure compared to Q3, remained the largest player on the buy side, controlling nearly 90

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