New Issue: Citigroup prices $3.5 billion 3.106% fixed-to-floaters due 2026 at 275 bps spread

By Marisa Wong

Los Angeles, April 2 – Citigroup Inc. priced $3.5 billion of 3.106% fixed-to-floating rate senior notes due April 8, 2026 (A3/BBB+/A) on Wednesday at a spread of Treasuries plus 275 basis points, according to an FWP filing with the Securities and Exchange Commission.

The notes are priced at par to yield 3.106%.

The notes will reset to a floating rate of SOFR plus 284.2 bps on April 8, 2025.

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:	$3.5 billion
Maturity:	April 8, 2026
Description:	Fixed-to-floating rate senior notes
Bookrunner:	Citigroup Global Markets Inc.
Senior co-managers:	ABN Amro Securities (USA) LLC, Banca IMI SpA, Barclays, BNP Paribas Securities Corp., Danske Markets Inc., MUFG, Scotia Capital (USA) Inc., SG Americas Securities, LLC, Standard Chartered Bank
Junior co-managers:	Academy Securities, Inc., American Veterans Group, PBC, Banco de Sabadell, SA, Bank of China Ltd., London Branch, Bankia, SA, Blaylock Van, LLC, BMO Capital Markets Corp., Capital One Securities, Inc., CastleOak Securities, LP, CIBC World Markets Corp., Commerz Markets LLC, Credit Agricole Securities (USA) Inc., Global Oak Capital Markets, HSBC Securities (USA) Inc., Huntington Securities, Inc., ICBC Standard Bank plc, Lloyds Securities Inc., Mischler Financial Group, Inc., Mizuho Securities USA LLC, National Bank of Canada Financial Inc., Natixis Securities Americas LLC, RB International Markets (USA) LLC, RBC Capital Markets, LLC, Regions Securities LLC, Roberts & Ryan Investments Inc., Samuel A. Ramirez & Co., Inc., SMBC Nikko Securities America, Inc., TD Securities (USA) LLC and U.S. Bancorp Investments, Inc.
Coupon:	3.106%, resets to SOFR plus 284.2 bps on April 8, 2025
Price:	Par
Yield:	3.106%
Spread:	Treasuries plus 275 bps
Call option:	On or after Oct. 8, 2020 and before April 8, 2025 make-whole call in whole or in part at Treasuries plus 42 bps; par call in whole on April 8, 2025; par call in whole or in part on or after March 8, 2026
Trade date:	April 1
Settlement date:	April 8
Ratings:	Moody’s: A3
	S&P: BBB+
	Fitch: A

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