By Aleesia Forni
New York, March 1 – Citigroup Inc. sold $1.5 billion of 10-year subordinated notes (Baa3/BBB/A-) on Tuesday at Treasuries plus 280 basis points, an informed source said.
Pricing was at 99.802 to yield 4.625%.
The notes sold on top of guidance and around 20 bps inside initial price thoughts.
The New York-based banking and financial services company plans to use the proceeds for general corporate purposes.
Citigroup Global Markets Inc. was the bookrunner.
| Issuer: | Citigroup Inc.
|
| Amount: | $1.5 billion
|
| Description: | Subordinated notes
|
| Maturity: | March 9, 2026
|
| Bookrunners: | Citigroup Global Markets Inc.
|
| Coupon: | 4.6%
|
| Price: | 99.802
|
| Yield: | 4.625%
|
| Spread: | Treasuries plus 280 bps
|
| Trade date: | March 1
|
| Settlement date: | March 9
|
| Ratings: | Moody’s: Baa3
|
| Standard & Poor’s: BBB
|
| Fitch: A-
|
| Distribution: | SEC registered
|
| Price guidance: | Treasuries plus 280 bps, tightened from Treasuries plus 300 bps area
|
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