New Issue: Citigroup details $1.5 billion 1.5% green fixed-to-floaters due 2024

By Devika Patel

Knoxville, Tenn., May 8 – Citigroup Inc. offered further details about a $1.5 billion sale of 1.5% green fixed-to-floating rate senior notes due May 15, 2024 (A3/BBB+/A) that priced on Thursday at a spread of Treasuries plus 150 basis points, according to an FWP filed with the Securities and Exchange Commission.

The notes priced at par.

Initial talk was in the Treasuries plus 170 bps area.

The notes will reset on May 15, 2023 to a floating rate of SOFR plus 166.7 bps.

Citigroup Global Markets Inc. was the bookrunner.

The New York-based financial services company plans to use the proceeds to finance projects that contribute to climate change mitigation as well as projects that promote sustainable infrastructure.

Issuer:	Citigroup Inc.
Amount:	$1.5 billion
Maturity:	May 15, 2024
Description:	Green fixed-to-floating rate senior notes
Bookrunner:	Citigroup Global Markets Inc.
Senior co-managers:	ABN Amro Securities (USA) LLC, BBVA Securities Inc., BMO Capital Markets Corp., Credit Agricole Securities (USA) Inc., MUFG, nabSecurities, LLC, NatWest Markets Securities Inc., PNC Capital Markets LLC, Scotia Capital (USA) Inc., Siebert Williams Shank & Co., LLC, Skandinaviska Enskilda Banken AB (publ), SMBC Nikko Securities America, Inc. and Standard Chartered Bank
Junior co-managers:	AmeriVet Securities, Inc., ANZ Securities, Inc., Banca IMI SpA, Bank of China Ltd., London Branch, CIBC World Markets Corp., Commerz Markets LLC, Commonwealth Bank of Australia, Credit Suisse Securities (USA) LLC, Danske Markets Inc., Deutsche Bank Securities Inc., Drexel Hamilton, LLC, DZ Financial Markets LLC, Erste Group Bank AG, Great Pacific Securities, ICBC Standard Bank plc, ING Financial Markets LLC, Loop Capital Markets LLC, Mizuho Securities USA LLC, National Bank of Canada Financial Inc., Natixis Securities Americas LLC, Nomura Securities International, Inc., RB International Markets (USA) LLC, Roberts & Ryan Investments Inc., Samuel A. Ramirez & Co. Inc., Swedbank AB (publ), TD Securities (USA) LLC, UBS Securities LLC and United Overseas Bank Ltd.
Coupon:	1.5%; resets on May 15, 2023 to SOFR plus 166.7 bps
Price:	Par
Spread:	Treasuries plus 150 bps
Call:	Make-whole call at Treasuries plus 25 bps until May 15, 2023, then a par call
Trade date:	May 7
Settlement date:	May 14
Ratings:	Moody’s: A3
	S&P: BBB+
	Fitch: A
Distribution:	SEC registered
Price guidance:	Treasuries plus 170 bps area

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