New Issue: Citigroup details terms of $2.5 billion two-part three-year note sale

By Andrea Heisinger

New York, July 19 - Citigroup Inc. gave the full terms of its $2.5 billion sale of three-year senior notes (Baa2/A-/A), which priced in two tranches, according to FWP filings with the Securities and Exchange Commission.

There was $1.5 billion of 1.7% three-year notes sold at 99.953 to yield 1.716%, or 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.

Both tranches are non-callable.

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 billion 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:	Senior notes
Amount:	$2.5 billion
Bookrunner:	Citigroup Global Markets Inc.
Senior co-managers:	Deutsche Bank Securities Inc., Goldman Sachs & Co., HSBC Securities (USA) Inc., J.P. Morgan Securities LLC, UBS Securities LLC, Wells Fargo Securities LLC
Co-managers:	ABN Amro Securities (USA) LLC, Banca IMI SpA, BBVA Securities Inc., BNY Mellon Capital Markets, LLC, C.L. King & Associates, Inc., Capital One Securities, Inc., CIBC World Markets Corp., Credit Agricole Securities (USA) Inc., Drexel Hamilton, LLC, Goto Capital Markets, Inc., MFR Securities, Inc., Mischler Financial Group, Inc., National Bank of Canada Financial Inc., Nomura Securities International Inc., PNC Capital Markets LLC, RBC Capital Markets, LLC, Samuel A. Ramirez & Co., Inc., SMBC Nikko Securities America, Inc., SunTrust Robinson Humphrey, Inc., Swedbank AB
Trade date:	July 18
Settlement date:	July 25
Ratings:	Moody's: Baa2
	Standard & Poor's: A-
	Fitch: A
Three-year fixed-rate notes
Amount:	$1.5 billion
Maturity:	July 25, 2016
Coupon:	1.7%
Price:	99.953
Yield:	1.716%
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:	July 25, 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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