New Issue: Citigroup sells $5.5 billion of fixed-to-floating notes due 2030, 2035

By Marisa Wong and Cristal Cody

Los Angeles, Feb. 7 – Citigroup Inc. priced $5.5 billion of notes in two parts on Tuesday, according to a market source.

Citigroup priced $3 billion of 5.174% fixed-to-floating-rate callable senior notes due Feb. 13, 2030 (A3/BBB+/A) at Treasuries plus 115 basis points. The notes are non-callable for five years.

The coupon resets to SOFR plus 136.4 bps after the initial fixed-rate period.

Initial price talk for the 2030 notes was in the Treasuries plus 140 bps area.

The second tranche consisted of $2.5 billion of 5.827% fixed-to-floating rate callable subordinated notes due Feb. 13, 2035 (Baa2/BBB/BBB+) that priced with a Treasuries plus 175 bps spread.

The notes are non-callable for 10 years.

The coupon resets to SOFR plus 205.6 bps after the initial fixed-rate period.

Initial price talk for the 2035 notes was in the Treasuries plus 190 bps area.

Citigroup Global Markets Inc. is the bookrunner.

The investment bank and financial services company is based in New York.

Issuer:	Citigroup Inc.
Amount:	$5.5 billon
Bookrunner:	Citigroup Global Markets Inc.
Senior co-managers:	ANZ Securities, Inc., Barclays, BBVA Securities Inc., BMO Capital Markets Corp., BNY Mellon Capital Markets, LLC, Capital One Securities, Inc., CIBC World Markets Corp., Danske Markets Inc., Deutsche Bank Securities Inc., DZ Financial Markets LLC, Fifth Third Securities, Inc., Intesa Sanpaolo IMI Securities Corp., Lloyds Securities Inc., Mediobanca - Banca di Credito Finanziario SpA, MUFG Securities Americas Inc., Natixis Securities Americas LLC, Netrex Capital Markets, LLC, Nomura Securities International, Inc., PNC Capital Markets LLC, Rabo Securities USA, Inc., RBC Capital Markets, LLC, Santander US Capital Markets LLC, Scotia Capital (USA) Inc., SG Americas Securities, LLC, SMBC Nikko Securities America, Inc., Standard Chartered Bank, TD Securities (USA) LLC, Truist Securities, Inc. and U.S. Bancorp Investments, Inc.
Co-managers:	ABN Amro Capital Markets (USA) LLC, Bancroft Capital, LLC, Bank of China Ltd., London Branch, CaixaBank SA, Citizens JMP Securities, LLC, Commonwealth Bank of Australia, Desjardins Securities Inc., Drexel Hamilton, LLC, Erste Group Bank AG, Falcon Square Capital, LLC, Great Pacific Securities, HSBC Securities (USA) Inc., Huntington Securities, Inc., Industrial and Commercial Bank of China (Asia) Ltd., ING Financial Markets LLC, KBC Securities USA LLC, KeyBanc Capital Markets Inc., M&T Securities, Inc., MFR Securities, Inc., Mizuho Securities USA LLC, nabSecurities, LLC, National Bank of Canada Financial Inc., NatWest Markets Securities Inc., Nordea Bank Abp, RB International Markets (USA) LLC, Regions Securities LLC, San Blas Securities, LLC, Security Capital Brokerage, Inc., Stern Brothers & Co., Swedbank AB (publ), Telsey Advisory Group LLC, UBS Securities LLC, UniCredit Capital Markets LLC, United Overseas Bank Ltd. and Westpac Capital Markets LLC
Trustee:	Bank of New York Mellon
Counsel to issuer:	In-house
Counsel to underwriters:	Cleary Gottlieb Steen & Hamilton LLP
Trade date:	Feb. 6
Settlement date:	Feb. 13
Distribution:	SEC registered
Senior notes
Amount:	$3 billion
Issue:	Fixed-to-floating rate callable senior notes
Maturity:	Feb. 13, 2030
Coupon:	5.174% initial rate; starting Feb. 13, 2029 at SOFR plus 136.4 bps with quarterly resets
Price:	Par
Yield:	5.174%
Spread:	Treasuries plus 115 bps
Call features:	Make-whole call at Treasuries plus 20 bps starting Aug. 13, 2024; at par on Feb. 13, 2029, at par starting Jan. 13, 2030
Ratings:	Moody’s: A3
	S&P: BBB+
	Fitch: A
Price talk:	Treasuries plus 140 bps area
Cusip:	172967PF2
Subordinated notes
Amount:	$2.5 billion
Issue:	Fixed-to-floating rate callable subordinated notes
Maturity:	Feb. 13, 2035
Coupon:	5.827% initial rate; resets starting Feb. 13, 2034 to SOFR plus 205.6 bps with quarterly resets
Price:	Par
Yield:	5.827%
Spread:	Treasuries plus 175 bps
Call features:	At par on Feb. 13, 2034; at par starting Jan. 13, 2035
Ratings:	Moody’s: Baa2
	S&P: BBB
	Fitch: BBB+
Price talk:	Treasuries plus 190 bps area
Cusip:	172967PG0

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