By Cristal Cody
Chicago, May 22 – Citigroup Inc. priced $3.2 billion of fixed-to-floating rate subordinated notes due 2034 on Monday, according to information from a market source.
The notes start with a 6.174% coupon that resets to SOFR plus 266.1 basis points.
The notes priced at par, or at Treasuries plus 245 bps.
Initial price talk was in the 280 bps area.
The deal was upsized from $2 billion, playing to $15 billion of demand.
Citigroup is the bookrunner for the SEC-registered offer.
The financial services company is based in New York.
| Issuer: | Citigroup Inc.
|
| Amount: | $3.2 billion
|
| Issue: | Fixed-to-floating rate subordinated notes
|
| Maturity: | May 25, 2034
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| Bookrunners: | Citigroup
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| Coupon: | 6.174% starting rate, resets to SOFR plus 266.1 bps
|
| Price: | Par
|
| Yield: | 6.174%
|
| Spread: | Treasuries plus 245 bps
|
| Trade date: | May 22
|
| Distribution: | SEC registered
|
| Price talk: | Treasuries plus 280 bps area
|
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