By Devika Patel and Cristal Cody
Knoxville, Tenn., Jan. 22 – Citigroup Inc. priced $2.5 billion of 1.122% six-year fixed-to-floating rate senior notes (A3/BBB+/A) on Thursday at par, according to a market source and an FWP filing with the Securities and Exchange Commission.
The notes priced at 68 basis points over Treasuries, compared to initial talk of a spread in the 80 bps area.
The coupon will reset beginning Jan. 28, 2026 to a floating rate of SOFR plus 76.5 bps.
Citigroup Global Markets Inc. was the bookrunner. Joint lead managers were Blaylock Van, LLC, CastleOak Securities, LP, Global Oak Capital Markets and Loop Capital Markets LLC.
Citigroup is a New York-based financial services company.
| Issuer: | Citigroup Inc.
|
| Amount: | $2.5 billion
|
| Maturity: | Jan. 28, 2027
|
| Description: | Fixed-to-floating rate senior notes
|
| Bookrunner: | Citigroup Global Markets Inc.
|
| Joint lead managers: | Blaylock Van, LLC, CastleOak Securities, LP, Global Oak Capital Markets and Loop Capital Markets LLC
|
| Coupon: | 1.122%; resets Jan. 28, 2026 to a floating rate of SOFR plus 76.5 bps
|
| Price: | Par
|
| Spread: | 68 bps over Treasuries
|
| Call: | At par plus a make-whole premium of Treasuries plus 15 bps beginning six months after issue, then at par beginning Jan. 28, 2026
|
| Trade date: | Jan. 21
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| Settlement date: | Jan. 28
|
| Ratings: | Moody’s: A3
|
| S&P: BBB+
|
| Fitch: A
|
| Price guidance: | 80 bps area over Treasuries
|
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