By Cristal Cody
Tupelo, Miss., March 24 – Citigroup Inc. priced $4 billion of 4.412% fixed-to-floating rate senior notes due March 31, 2031 (A3/BBB+/A) on Tuesday at a spread of Treasuries plus 360 basis points, according to a market source.
Initial talk was in the Treasuries plus 375 bps area.
The notes will reset to a floating rate after the initial fixed-rate period.
Citigroup Global Markets Inc. was the bookrunner.
The New York-based financial services company plans to use the proceeds for general corporate purposes.
| Issuer: | Citigroup Inc.
|
| Amount: | $4 billion
|
| Maturity: | March 31, 2031
|
| Description: | Fixed-to-floating rate senior notes
|
| Bookrunner: | Citigroup Global Markets Inc.
|
| Coupon: | 4.412%; resets to floating rate after fixed-rate period
|
| Spread: | Treasuries plus 360 bps
|
| Trade date: | March 24
|
| Ratings: | Moody’s: A3
|
| S&P: BBB+
|
| Fitch: A
|
| Price guidance: | Treasuries plus 375 bps area
|
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