By Andrea Heisinger
New York, July 18 - Citigroup Inc. sold $2.5 billion of three-year notes (Baa2/A-/) in two tranches on Thursday, an informed source said.
There was $1.5 billion of 1.7% three-year notes sold at a spread of Treasuries plus 112 basis points.
Initial price talk was in the Treasuries plus 125 bps area and later revised to the 115 bps area.
A $1 billion tranche of three-year floating-rate notes priced at par to yield Libor plus 96 bps.
The floaters had initial guidance at an equivalent spread over Libor to the fixed-rate notes, the source said.
Full terms were not available at press time.
The bookrunner was Citigroup Global Markets Inc.
New York-based financial services company Citigroup was last in the U.S. bond market with a $1.25 offering of 10-year notes on May 7. Citi last brought a three-year maturity in a $1.5 billion two-tranche sale on March 22 that included a 1.3% fixed-rate note sold at 96 bps over Treasuries.
| Issuer: | Citigroup Inc.
|
| Issue: | Notes
|
| Amount: | $2.5 billion
|
| Bookrunner: | Citigroup Global Markets Inc.
|
| Trade date: | July 18
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: A-
|
|
|
| Three-year notes
|
| Amount: | $1.5 billion
|
| Maturity: | 2016
|
| Coupon: | 1.7%
|
| Spread: | Treasuries plus 112 bps
|
| Call: | Non-callable
|
| Price talk: | 125 bps area (initial), 115 bps area (revised)
|
|
|
| Three-year floaters
|
| Amount: | $1 billion
|
| Maturity: | 2016
|
| Coupon: | Libor plus 96 bps
|
| Price: | Par
|
| Yield: | Libor plus 96 bps
|
| Call: | Non-callable
|
| Price talk: | Libor equivalent of Treasuries plus 125 bps area
|
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