By Aleesia Forni
Virginia Beach, July 23 – Citigroup Inc. priced $3 billion of senior notes (Baa1/A-/A) in three tranches on Thursday, according to a market source.
The company issued $1.25 billion of 2.15% notes due 2018 at 99.974 to yield 2.159%, or Treasuries plus 110 basis points.
The notes sold on top of talk after having firmed from initial price thoughts in the 125 bps area over Treasuries.
There was also $500 million of floaters due 2018 priced at par to yield Libor plus 88 bps.
Guidance was set at the Libor equivalent to the three-year fixed-rate notes.
A $1.25 billion tranche of notes due 2045 sold at 99.855 to yield 4.659% with a spread of 167 bps over Treasuries.
Pricing was on top of talk. Initial price guidance was set in the area of Treasuries plus 180 bps.
Citigroup Global Markets Inc. is the bookrunner.
Citigroup is based in New York.
| Issuer: | Citigroup Inc.
|
| Issue: | Senior notes
|
| Amount: | $3 billion
|
| Bookrunner: | Citigroup Global Markets Inc.
|
| Trade date: | July 23
|
| Settlement date: | July 30
|
| Ratings: | Moody’s: Baa1
|
| Standard & Poor’s: A-
|
| Fitch: A
|
|
|
| Three-year notes
|
| Amount: | $1.25 billion
|
| Maturity: | July 30, 2018
|
| Coupon: | 2.15%
|
| Price: | 99.974
|
| Yield: | 2.159%
|
| Spread: | Treasuries plus 110 bps
|
| Price guidance: | Treasuries plus 110 bps, tightened from Treasuries plus 125 bps area
|
|
|
| Three-year floaters
|
| Amount: | $500 million
|
| Maturity: | July 30, 2018
|
| Coupon: | Libor plus 88 bps
|
| Price: | Par
|
| Yield: | Libor plus 88 bps
|
| Price guidance: | Libor equivalent to fixed-rate notes
|
|
|
| 30-year bonds
|
| Amount: | $1.25 billion
|
| Maturity: | July 30, 2045
|
| Coupon: | 4.65%
|
| Price: | 99.855
|
| Yield: | 4.659%
|
| Spread: | Treasuries plus 167 bps
|
| Price guidance: | Treasuries plus 167 bps, tightened from Treasuries plus 180 bps area
|
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