Published on 8/7/2014 in the Prospect News Investment Grade Daily.
New Issue: Citigroup prices $1.5 billion of three-year notes in fixed-, floating-rate tranches
By Aleesia Forni
Virginia Beach, Aug. 7 – Citigroup Inc. was in Thursday’s market with a $1.5 billion offering of three-year senior notes (Baa2/A-/A) in fixed- and floating-rate tranches, an informed source said.
The bank sold $250 million of three-year floaters at par to yield Libor plus 49 basis points.
There was also a $1.25 billion tranche of 1.55% three-year notes sold at 99.86 to yield 1.598%, or Treasuries plus 72 bps.
The fixed-rate notes sold at the tight end of the Treasuries plus 75 bps area talk, which had firmed slightly from earlier guidance in the high-70 bps over Treasuries area.
Citigroup Global Markets Inc. was the bookrunner.
The bank is based in New York.
| Issuer: | Citigroup Inc.
|
| Issue: | Senior notes
|
| Amount: | $1.5 billion
|
| Bookrunner: | Citigroup Global Markets Inc.
|
| Senior co-managers: | UBS Securities LLC, Deutsche Bank Securities Inc., HSBC Securities (USA) Inc., UniCredit, Wells Fargo Securities LLC, Credit Suisse Securities (USA) LLC
|
| Co-managers: | BBVA, CIBC, SMBC, Apto, Cabrera, CAVU, Drexel, Loop, Multi-bank Securities, Siebert, BNP, Mizuho, ABN, ING, SEB, Ramirez, PNC, STI, FITB, BONY, BBT, Credit AG, BNS, MUFG, Nomura
|
| Trade date: | Aug. 7
|
| Settlement date: | Aug. 14
|
| Ratings: | Moody’s: Baa2
|
| Standard & Poor’s: A-
|
| Fitch: A
|
| Distribution: | SEC registered
|
|
|
| Three-year floaters
|
| Amount: | $250 million
|
| Maturity: | Aug. 14, 2017
|
| Coupon: | Libor plus 49 bps
|
| Price: | Par
|
| Yield: | Libor plus 49 bps
|
| Price talk: | Libor equivalent to three-year fixed-rate notes
|
|
|
| Three-year notes
|
| Amount: | $1.25 billion
|
| Maturity: | Aug. 14, 2017
|
| Coupon: | 1.55%
|
| Price: | 99.86
|
| Yield: | 1.598%
|
| Spread: | Treasuries plus 72 bps
|
| Price talk: | Treasuries plus 75 bps area, tightened from Treasuries plus high-70 bps area
|
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