By Cristal Cody
Tupelo, Miss., March 19 – Citigroup Inc. priced $1.3 billion of 5.316% fixed-to-floating rate senior notes due March 26, 2041 (A3/BBB+/A) on Thursday at a spread of Treasuries plus 350 basis points, according to a market source.
The notes priced on top of talk in the Treasuries plus 350 bps area.
After the initial fixed-rate period, the notes will convert to a floating rate of SOFR plus 454.8 bps.
Citigroup Global Markets Inc. is the bookrunner.
The New York-based financial services company plans to use the proceeds for general corporate purposes.
| Issuer: | Citigroup Inc.
|
| Amount: | $1.3 billion
|
| Maturity: | March 26, 2041
|
| Description: | Fixed-to-floating rate senior notes
|
| Bookrunner: | Citigroup Global Markets Inc.
|
| Coupon: | 5.316%; resets to floating rate of SOFR plus 454.8 bps
|
| Spread: | Treasuries plus 350 bps
|
| Trade date: | March 19
|
| Ratings: | Moody’s: A3
|
| S&P: BBB+
|
| Fitch: A
|
| Distribution: | SEC registered
|
| Price guidance: | Treasuries plus 350 bps area
|
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