New Issue: Citigroup prices $2.75 billion 5.61% fixed-to-floating callable notes due 2026

By Mary-Katherine Stinson and Cristal Cody

Lexington, Ky., Sept. 23 – Citigroup Inc. sold $2.75 billion 5.61% fixed-to-floating rate callable senior notes due 2026 (A3/BBB+/A) on Thursday, according to an FWP filing with the Securities and Exchange Commission.

The notes priced at par with a yield of 5.61%, at a spread of 148 basis points over Treasuries. Price talk was in the Treasuries plus 170 bps area.

The interest rate will reset to SOFR plus 154.6 bps in the final year.

The notes are callable in full after six months with a make-whole premium of Treasuries plus 25 bps. The notes are callable at par on Sept. 29, 2025 or at any point after Aug. 29, 2026.

Citigroup Global Markets Inc is sole bookrunner.

The financial services company is based in New York.

Issuer:	Citigroup Inc.
Amount:	$2.75 billion
Issue:	Fixed-to-floating rate callable senior notes
Maturity:	Sept. 29, 2026
Bookrunner:	Citigroup Global Markets Inc.
Co-managers:	Apto Partners, LLC, Cabrera Capital Markets LLC, Great Pacific Securities, Guzman & Co., Penserra Securities LLC and Samuel A. Ramirez & Co., Inc.
Coupon:	5.61% until Sept. 29, 2025, then SOFR plus 154.6 bps
Price:	Par
Yield:	5.61%
Spread:	Treasuries plus 148 bps
Call features:	Make-whole call at Treasuries plus 25 bps starting March 29, 2023 until Sept. 29, 2025; at par on Sept. 29, 2025; at par starting Aug. 29, 2026 until maturity
Trade date:	Sept. 22
Settlement date:	Sept. 29
Ratings:	Moody’s: A3
	S&P: BBB+
	Fitch: A
Price talk:	Treasuries plus 170 bps area
Cusip:	172967NX5

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