Citi Pitches First-of-Its-Kind Debt for Ukraine Reconstruction

Citigroup Inc. has been working on a long-shot bid to put together a deal that it says would help Ukraine fund its reconstruction — part of a push by the Wall Street giant to secure its place in one of the biggest financing opportunities of the coming years.

The bank has been sounding out investors on a potential transaction since late last year, according to people familiar with the matter. The deal would allow the state-owned grid operator NPC Ukrenergo to refinance a chunk of its debt on more attractive terms, some of the people said. The savings could be ...