Published on 3/22/2013 in the Prospect News Investment Grade Daily.
New Issue: Citigroup sells $1.5 billion of three-year notes in two tranches
By Andrea Heisinger
New York, March 22 - Citigroup Inc. sold $1.5 billion of three-year notes (Baa2/A-/A) on Friday in two parts, an informed source said.
A $650 million tranche of three-year floating-rate notes sold at par to yield Libor plus 79 basis points.
The second part was $850 million of 1.3% three-year notes priced at 99.882 to yield 1.34% with a spread of Treasuries plus 96 bps.
Whispered guidance was in the Treasuries plus 100 bps to 105 bps range, the source said.
Neither tranche has a call option.
Citigroup Global Markets Inc. was the bookrunner.
The New York-based financial services company sold $1.75 billion of 1.25% three-year notes on Jan. 3 at Treasuries plus 95 bps.
| Issuer: | Citigroup Inc.
|
| Issue: | Notes
|
| Amount: | $1.5 billion
|
| Bookrunner: | Citigroup Global Markets Inc.
|
| Co-managers: | Barclays, Deutsche Bank Securities Inc., HSBC Securities (USA) Inc., UBS Securities LLC, Wells Fargo Securities LLC, ANZ Securities, BofA Merrill Lynch, CastleOak Securities LP, CIBC World Markets Corp., Credit Suisse Securities (USA) LLC, Loop Capital Markets LLC, Mischler Financial, Muriel Siebert & Co., National Australia Bank, Nomura Securities International Inc., Samuel A. Ramirez & Co. Inc., RBC Capital Markets LLC, TD Securities (USA) LLC, Fifth Third Securities Inc., PNC Capital Markets LLC, National Bank of Canada, Capital One, SunTrust Robinson Humphrey Inc., SMBC Nikko Capital Markets Ltd., Mizuho Securities (USA) Inc., Drexel Hamilton, Macquarie
|
| Trade date: | March 22
|
| Settlement date: | March 27
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: A-
|
| Fitch: A
|
|
|
| Three-year floaters
|
| Amount: | $650 million
|
| Maturity: | April 1, 2016
|
| Coupon: | Libor plus 79 bps
|
| Price: | Par
|
| Yield: | Libor plus 79 bps
|
| Call: | Non-callable
|
|
|
| Three-year fixed-rate notes
|
| Amount: | $850 million
|
| Maturity: | April 1, 2016
|
| Coupon: | 1.3%
|
| Price: | 99.882
|
| Yield: | 1.34%
|
| Spread: | Treasuries plus 96 bps
|
| Call: | Non-callable
|
| Price talk: | 100 bps to 105 bps (whispered)
|
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