Published on 11/18/2014 in the Prospect News Investment Grade Daily.
New Issue: Citigroup prices $2 billion three-year notes in fixed-, floating-rate tranches
By Aleesia Forni
Virginia Beach, Nov. 18 – Citigroup Inc. sold a combined $2 billion of three-year senior notes (Baa2/A-/A) in fixed- and floating-rate tranches on Tuesday, an informed source said.
The bank sold $400 million of three-year floaters at par to yield Libor plus 70 basis points.
There was also a $1.6 billion tranche of 1.85% three-year notes sold at 99.98 to yield 1.857%, or Treasuries plus 90 bps.
Both tranches sold on top of price talk.
Citigroup Global Markets Inc. was the bookrunner.
The bank is based in New York.
| Issuer: | Citigroup Inc.
|
| Issue: | Senior notes
|
| Amount: | $2 billion
|
| Bookrunner: | Citigroup Global Markets Inc.
|
| Senior co-managers: | ABN Amro Securities (USA) LLC, Danske Markets Inc., Deutsche Bank Securities Inc., HSBC Securities (USA) Inc., RBS Securities Inc., Santander Investment Securities Inc., UBS Securities LLC, Wells Fargo Securities, LLC
|
| Co-managers: | Apto Partners, LLC, Banca IMI SpA, BB&T Capital Markets, Blaylock Beal Van, LLC, BMO Capital Markets Corp., Cabrera Capital Markets LLC, Capital One Securities Inc., CastleOak Securities LP, CAVU Securities LLC, CIBC World Markets Corp., C.L. King & Associates, Inc., Credit Agricole Securities (USA) Inc., Credit Suisse Securities (USA) LLC, Great Pacific Securities, Loop Capital Markets LLC, Multi-Bank Securities, Inc., PNC Capital Markets LLC, RBC Capital Markets LLC, SMBC Nikko Securities America Inc., SunTrust Robinson Humphrey Inc., U.S. Bancorp Investments Inc.
|
| Trade date: | Nov. 18
|
| Settlement date: | Nov. 25
|
| Ratings: | Moody’s: Baa2
|
| Standard & Poor’s: A-
|
| Fitch: A
|
|
|
| Floaters
|
| Amount: | $400 million
|
| Maturity: | Nov. 24, 2017
|
| Coupon: | Libor plus 70 bps
|
| Price: | Par
|
| Yield: | Libor plus 70 bps
|
| Price talk: | Libor equivalent to three-year notes
|
|
|
| Fixed-rate notes
|
| Amount: | $1.6 billion
|
| Maturity: | Nov. 24, 2017
|
| Coupon: | 1.85%
|
| Price: | 99.98
|
| Yield: | 1.857%
|
| Spread: | Treasuries plus 90 bps
|
| Price talk: | Treasuries plus 90 bps area
|
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