By Cristal Cody
Chicago, June 2 – Citigroup Inc. sold $3.15 billion of notes in two parts, both due June 9, 2027, according to a market source.
The issuer sold $400 million of floating-rate notes with an interest rate based on 77 basis points over SOFR.
The $2.75 billion fixed-to-floating rate tranche priced with a 1.462% starting coupon and a spread of Treasuries plus 67 bps. The notes were talked in the Treasuries plus 85 bps area. They will reset to a floating rate of SOFR plus 77 bps.
Both tranches have five years of call protection.
Citigroup Global Markets Inc. is the bookrunner.
The issuer is a New York-based financial services company.
| Issuer: | Citigroup Inc.
|
| Issue: | Floating-rate and fixed-to-floating rate notes
|
| Amount: | $3.15 billion
|
| Bookrunner: | Citigroup Global Markets Inc.
|
| Trade date: | June 2
|
|
|
| Floating-rate notes
|
| Amount: | $400 million
|
| Issue: | Floating-rate notes
|
| Maturity: | June 9, 2027
|
| Coupon: | SOFR plus 77 bps
|
| Call features: | Five years
|
|
|
| Fixed-to-floaters
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| Amount: | $2.75 billion
|
| Issue: | Fixed-to-floating rate notes
|
| Maturity: | June 9, 2027
|
| Coupon: | 1.462% initial rate; converts to SOFR plus 77 bps
|
| Spread: | Treasuries plus 67 bps
|
| Call features: | Five years
|
| Price talk: | Treasuries plus 85 bps area
|
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