By Andrea Heisinger
New York, June 25 - Two units of Citigroup Inc. priced $5 billion of notes (Aaa/AAA/AAA) in four tranches Thursday that are backed by the Federal Deposit Insurance Corp., an informed source said.
The two tranches of two-year notes were issued by Citibank NA, while the two tranches of three-year notes were done by Citigroup Funding Inc., he said.
The $1.75 billion of 1.5% two-year notes priced at 99.93 to yield 1.535%, or Treasuries plus 41.4 basis points.
A $750 million tranche of two-year floating-rate notes priced at par to yield three-month Libor flat.
A $1.75 billion tranche of 2.125% three-year notes priced at 99.769 to yield 2.204%, or Treasuries plus 55.1 bps.
The final tranche was $750 million of three-year floaters priced at par to yield three-month Libor plus 5 bps.
All of the notes are non-callable.
Citigroup Global Markets Inc. was the bookrunner.
The financial services company is based in New York City.
| Issuers: | Citibank NA, Citigroup Funding Inc.
|
| Guarantor: | Federal Deposit Insurance Corp.
|
| Issue: | FDIC-backed notes
|
| Total amount: | $5 billion
|
| Bookrunner: | Citigroup Global Markets Inc.
|
| Trade date: | June 25
|
| Settlement date: | June 30
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
| Fitch: AAA
|
|
|
| Two-year fixed-rate notes
|
| Issuer: | Citibank NA
|
| Amount: | $1.75 billion
|
| Maturity: | July 12, 2011
|
| Coupon: | 1.5%
|
| Price: | 99.93
|
| Yield: | 1.535%
|
| Spread: | Treasuries plus 41.4 bps
|
| Call: | Non-callable
|
|
|
| Two-year floaters
|
| Issuer: | Citibank NA
|
| Amount: | $750 million
|
| Maturity: | July 12, 2011
|
| Coupon: | Three-month Libor flat
|
| Price: | Par
|
| Yield: | Three-month Libor flat
|
| Call: | Non-callable
|
|
|
|
|
| Three-year fixed-rate notes
|
| Issuer: | Citigroup Funding Inc.
|
| Amount: | $1.75 billion
|
| Maturity: | July 12, 2012
|
| Coupon: | 2.125%
|
| Price: | 99.769
|
| Yield: | 2.204%
|
| Spread: | Treasuries plus 55.1 bps
|
| Call: | Non-callable
|
|
|
| Three-year floaters
|
| Issuer: | Citigroup Funding Inc.
|
| Amount: | $750 million
|
| Maturity: | July 12, 2012
|
| Coupon: | Three-month Libor plus 5 bps
|
| Price: | Par
|
| Yield: | Three-month Libor plus 5 bps
|
| Call: | Non-callable
|
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