By Andrea Heisinger
New York, Jan. 23 - Citigroup Inc. priced $12 billion of notes (Aaa/AAA/AAA) in four tranches backed by the Federal Deposit Insurance Corp. Temporary Liquidity Guarantee Program Friday, an informed source said.
The issue was a mix of fixed- and floating-rate notes.
The $2.25 billion of floaters due July 30, 2010 priced at par to yield three-month Libor plus 10 basis points.
A second $1.9 billion tranche of floaters due April 30, 2012 priced at par to yield three-month Libor plus 33 bps.
A final $350 million tranche of floaters due April 30, 2012 priced at par to yield one-month Libor plus 45 bps.
The largest tranche of the issue was $7.5 billion 2.125% notes due April 30, 2012, which priced at 99.086 to yield 2.1875%, or Treasuries plus 105.75 bps.
All of the notes are non-callable.
Citigroup Global Markets Inc. was the bookrunner.
This is the largest FDIC-backed issue that has priced to date. The largest previously was $10 billion from General Electric Capital Corp.
Citigroup is a financial services company based in New York City.
| Issuer: | Citigroup Inc.
|
| Guarantor: | Federal Deposit Insurance Corp.
|
| Issue: | FDIC-backed notes
|
| Total amount: | $12 billion
|
| Bookrunner: | Citigroup Global Markets Inc.
|
| Trade date: | Jan. 23
|
| Settlement date: | Jan. 30
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
| Fitch: AAA
|
|
|
| Floaters due 2010
|
| Amount: | $2.25 billion
|
| Issue: | Floating-rate notes
|
| Maturity: | July 30, 2010
|
| Coupon: | Three-month Libor plus 10 bps
|
| Price: | Par
|
| Yield: | Three-month Libor plus 10 bps
|
| Call: | Non-callable
|
|
|
| Three-month Libor floaters due 2012
|
| Amount: | $1.9 billion
|
| Issue: | Floating-rate notes
|
| Maturity: | April 30, 2012
|
| Coupon: | Three-month Libor plus 33 bps
|
| Price: | Par
|
| Yield: | Three-month Libor plus 33 bps
|
| Call: | Non-callable
|
|
|
| One-month Libor floaters due 2012
|
| Amount: | $350 million
|
| Issue: | Floating-rate notes
|
| Maturity: | April 30, 2012
|
| Coupon: | One-month Libor plus 45 bps
|
| Price: | Par
|
| Yield: | One-month Libor plus 45 bps
|
| Call: | Non-callable
|
|
|
| Fixed-rate notes due 2012
|
| Amount: | $7.5 billion
|
| Issue: | Fixed-rate notes
|
| Maturity: | April 30, 2012
|
| Coupon: | 2.125%
|
| Price: | 99.086
|
| Yield: | 2.1875%
|
| Spread: | Treasuries plus 105.75 bps
|
| Call: | Non-callable
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
