Citi, which analysts warned yesterday could face a $1bn (€740m) write-down of third-quarter profits due to the credit market turmoil, is pushing ahead with lead-underwriting part of the multi-billion dollar debt financing behind the buyouts of Canadian telecoms firm BCE and US chemicals group Lyondell.

The US bank, among a syndicate of other lenders, has already committed to underwrite a $23.05bn bank loan and $11.3bn in high-yield bonds backing the jumbo $48.5bn buyout of BCE by a consortium led by the Ontario Teachers' Pension Plan.