Cleary Gottlieb Steen & Hamilton and Sullivan & Cromwell are among a clutch of US firms to have claimed advisory roles on a major finance deal that will see sovereign funds totalling $12.5bn (£6.3bn) dispensed to US banking giant Citigroup.

Cleary and Sullivan acted as counsel to Citigroup, which has raised $12.5bn through private placements with investors including the investment arms of the Singapore and Kuwaiti governments.