Citigroup to sell green floaters, fixed-to-floaters in three parts; price talk emerges

By Devika Patel and Cristal Cody

Knoxville, Tenn., Jan. 18 – Citigroup Inc. will conduct an offering of affordable housing assets fixed-to-floating rate notes, affordable housing assets floating-rate notes as well as a third tranche of fixed-to-floating rate notes, according to 424B2 filings with the Securities and Exchange Commission.

The fixed-to-floaters due Jan. 25, 2026 will initially have a fixed coupon until January 2025 and then an interest rate based on SOFR and are being talked in the Treasuries plus 85 basis points area.

The floaters, also due Jan. 25, 2026, will accrue interest at a rate based on SOFR plus a spread.

The final tranche of fixed-to-floaters, due Jan. 25, 2033, will initially have a fixed coupon and then an interest rate based on SOFR and are being talked in the Treasuries plus 135 basis points area.

The fixed-to-floaters have a make-whole call until December 2025 and then a par call. The floaters are callable at par plus interest in January 2025 and on or after December 2025.

Citigroup Global Markets Inc. is the bookrunner.

Proceeds will be used to finance or refinance Affordable Housing Assets.

The financial services company is based in New York.

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