New Issue: Citigroup details $3.15 billion floaters, fixed-to-floaters due 2027

By Marisa Wong

Los Angeles, June 3 – Citigroup Inc. disclosed details of its $3.15 billion two-part offering of senior notes due June 9, 2027 in FWP filings with the Securities and Exchange Commission.

The issuer priced $400 million of floating-rate notes at par with an interest rate based on 77 basis points over SOFR.

The $2.75 billion fixed-to-floating rate tranche priced at par 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 after five years.

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:	Senior notes
Amount:	$3.15 billion
Bookrunner:	Citigroup Global Markets Inc.
Senior co-managers:	Barclays, BMO Capital Markets Corp., Capital One Securities, Inc., CastleOak Securities, LP, Commonwealth Bank of Australia, DBS Bank Ltd., Deutsche Bank Securities Inc., Drexel Hamilton, LLC, Industrial and Commercial Bank of China (Asia) Ltd., Intesa Sanpaolo SpA, Natixis Securities Americas LLC, Nomura Securities International, Inc., RBC Capital Markets, LLC, Roberts & Ryan Investments, Inc., Santander Investment Securities Inc., SG Americas Securities, LLC, SMBC Nikko Securities America, Inc., Swedbank AB (publ), TD Securities (USA) LLC, UBS Securities LLC, UniCredit Capital Markets LLC, Westpac Capital Markets LLC
Junior co-managers:	ABN Amro Securities (USA) LLC, Academy Securities, Inc., ANZ Securities, Inc., Bank of China Ltd., London Branch, BBVA Securities Inc., CIBC World Markets Corp., Commerz Markets LLC, Credit Suisse Securities (USA) LLC, Desjardins Securities Inc., DZ Financial Markets LLC, Fifth Third Securities, Inc., Global Oak Capital Markets LLC, Great Pacific Securities, HSBC Securities (USA) Inc., ING Financial Markets LLC, KeyBanc Capital Markets Inc., Loop Capital Markets LLC, MFR Securities, Inc., Mizuho Securities USA LLC, MUFG, nabSecurities, LLC, National Bank of Canada Financial Inc., Nordea Bank Abp, PNC Capital Markets LLC, R. Seelaus & Co., LLC, RB International Markets (USA) LLC, Samuel A. Ramirez & Co., Inc., Scotia Capital (USA) Inc., Siebert Williams Shank & Co., LLC, Skandinaviska Enskilda Banken AB (publ), Standard Chartered Bank, U.S. Bancorp Investments, Inc. and Wells Fargo Securities, LLC
Trade date:	June 2
Settlement date:	June 9
Ratings:	Moody’s: A3
	S&P: BBB+
	Fitch: A
Floating-rate notes
Amount:	$400 million
Issue:	Floating-rate notes
Maturity:	June 9, 2027
Coupon:	SOFR plus 77 bps
Price:	Par
Yield:	SOFR plus 77 bps
Call features:	In whole but not in part at par on June 9, 2026; in whole but not in part at par on or after May 9, 2027
Fixed-to-floaters
Amount:	$2.75 billion
Issue:	Fixed-to-floating rate notes
Maturity:	June 9, 2027
Coupon:	1.462% initially; converts on June 9, 2026 to SOFR plus 77 bps
Price:	Par
Yield:	1.462%
Spread:	Treasuries plus 67 bps
Call features:	Make-whole call in whole or in part at any time on or after Dec. 9, 2021; par call in whole but not in part on June 9, 2026; par call in whole or in part on or after May 9, 2027
Price talk:	Treasuries plus 85 bps area

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