New Issue: Citigroup prices $2.75 billion of fixed-to-floating notes due 2033

By Mary-Katherine Stinson and Cristal Cody

Lexington, Ky., Nov. 10 – Citigroup Inc. priced $2.75 billion of fixed-to-floating rate callable senior notes due 2033 (A3/BBB+/A) according to an FWP filed with the Securities and Exchange Commission.

The notes priced at par to yield 6.27%, or at a spread of 210 basis points over Treasuries. Price talk was in the 230 bps area.

The notes will have the initial interest rate until Nov. 17, 2032, then the coupon will convert to a floating rate at SOFR plus 233.8 bps.

The notes are callable starting six months after the issue date (May 17, 2023) in whole or in part at a make-whole premium of Treasuries plus 35 bps. The notes are callable in whole at par on Nov. 17, 2032, one year before maturity, or in whole or in part at par after Oct. 17, 2033, the final month before maturity.

Citigroup Global Markets Inc. is the 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:	Nov. 17, 2033
Bookrunners:	Citigroup Global Markets Inc.
Senior co-managers:	Barclays, BMO Capital Markets Corp., Capital One Securities, Inc., Commonwealth Bank of Australia, Danske Markets Inc., Deutsche Bank Securities Inc., ING Financial Markets LLC, Intesa Sanpaolo SpA, Mizuho Securities USA LLC, MUFG Securities Americas Inc., Natixis Securities Americas LLC, Nomura Securities International, Inc., PNC Capital Markets LLC, RBC Capital Markets, LLC, Roberts & Ryan Investments, Inc., Samuel A. Ramirez & Co., Inc., Santander Investment Securities Inc., Scotia Capital (USA) Inc., SG Americas Securities, LLC, SMBC Nikko Securities America, Inc., Standard Chartered Bank and TD Securities (USA) LLC
Junior co-managers:	ABN Amro Securities (USA) LLC, Academy Securities, Inc., Agricultural Bank of China Ltd. Hong Kong Branch, American Veterans Group, PBC, AmeriVet Securities, Inc., ANZ Securities, Inc., Banco de Sabadell, SA, Bancroft Capital, LLC, Blaylock Van, LLC, BNY Mellon Capital Markets, LLC, CaixaBank, SA, CAVU Securities, LLC, China Citic Bank International Ltd., CIBC World Markets Corp., DBS Bank Ltd., Desjardins Securities Inc., Drexel Hamilton, LLC, Emirates NBD Bank PJSC, Fifth Third Securities, Inc., Great Pacific Securities, Huntington Securities, Inc., KeyBanc Capital Markets Inc., Lloyds Securities Inc., Melvin Securities, LLC, MFR Securities, Inc., Mischler Financial Group, Inc., Multi-Bank Securities, Inc., nabSecurities, LLC, National Bank of Canada Financial Inc., NatWest Markets Securities Inc., Nordea Bank AB, RB International Markets (USA) LLC, Stern Brothers & Co., Tigress Financial Partners LLC, Truist Securities, Inc., U.S. Bancorp Investments, Inc. and Westpac Capital Markets LLC
Coupon:	6.27% initially, from Nov. 17, 2032 at SOFR plus 233.8 bps
Price:	Par
Yield:	6.27%
Spread:	Treasuries plus 210 bps
Call features:	After May 17, 2023 in whole or in part at a make-whole premium of Treasuries plus 35 bps; in whole on Nov. 17, 2032 at par or in whole or in part after Oct. 17, 2033 at par
Pricing date:	Nov. 9
Settlement date:	Nov. 17
Ratings:	Moody’s: A3
	S&P: BBB+
	Fitch: A
Price talk:	Treasuries plus 230 bps area
Cusip:	172967PA3

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