New Issue: Citigroup sells $3.5 billion 2.572% fixed-to-floaters due 2031 at par

By Devika Patel

Knoxville, Tenn., May 27 – Citigroup Inc. priced $3.5 billion of 2.572% 11-year fixed-to-floating rate senior notes (A3/BBB+/A) at a spread of Treasuries plus 188 basis points on Tuesday, according to an FWP filing with the Securities and Exchange Commission.

The notes were sold at par with an initial 2.572% coupon until June 3, 2030 and then at rate equal to the SOFR plus 210.7 bps.

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
Description:	Fixed-to-floating rate senior notes
Maturity:	June 3, 2031
Bookrunner:	Citigroup Global Markets Inc.
Senior co-managers:	Banca IMI SpA, BMO Capital Markets Corp., Deutsche Bank Securities Inc., Huntington Investment Co., Lloyds Securities Inc., MUFG, NatWest Markets Securities Inc., RBC Capital Markets Corp., Scotia Capital (USA) Inc., SG Americas Securities LLC, SMBC Nikko Securities America Inc., UBS Securities LLC and UniCredit Capital Markets LLC
Junior co-managers:	ABN Amro Inc., Academy Securities Inc., Bank of China Ltd., London Branch, BBVA Securities Inc., Cabrera Capital Markets LLC, Capital One Securities Inc., CastleOak Securities LP, CIBC World Markets Corp., Citizens Capital Markets, Inc., Commonwealth Bank of Australia, Credit Suisse Securities (USA) LLC, DBS Bank Ltd., Desjardins Securities Inc., Fifth Third Securities Inc., HSBC Securities (USA) Inc., ICBC Standard Bank plc, ING Financial Markets LLC, KeyBanc Capital Markets Inc., Mischler Financial Group Inc., nabSecurities, LLC, National Bank of Canada Financial Inc., Natixis Securities Americas LLC, Nomura Securities International, Inc., Regions Securities LLC, Roberts & Ryan Investments Inc., Santander Investment Securities Inc., TD Securities (USA) LLC and U.S. Bancorp Investments Inc.
Coupon:	2.572% until June 3, 2030 then at SOFR plus 210.7 bps
Price:	Par
Spread:	188 bps over Treasuries
Call:	Make-whole call at Treasuries plus 30 bps until June 3, 2030, then a par call
Trade date:	May 26
Settlement date:	June 3
Ratings:	Moody’s: A3
	S&P: BBB+
	Fitch: A
Distribution:	SEC registered

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