The biggest TARP-recipients are now scrambling to pay it back. In particular, both Citibank and Wells Fargo have recently announced historic issuances with proceeds to be used to repay U.S. taxpayers. In Citi’s case one other benefit is to exit loss-sharing arrangements with onerous restrictions. Offering documents, Pricing and Remarketing Agreements have all now been filed.

Citibank announced the largest U.S. public equity offering including 5.4 billion common shares and 35 million tangible equity units. The proceeds are to be used to repay the $20 billion the government holds in TARP trust preferred securities and to terminate the loss-sharing agreement with the government. The offering is expected to fetch $17 billion in proceeds from the common stock and $3.5 billion from tangible equity units with about $2.8 billion counted as equity.

Wells Fargo & Company has issued 489.9 million shares of its common stock with an expected $10.41 billion to be generated in proceeds going towards the redemption of the Series D preferred stock issued to the U.S. Department of the Treasury.