Published on 5/13/2016 in the Prospect News Investment Grade Daily.
New Issue: Citigroup prices $1 billion 4.75% 30-year subordinated notes at 225 bps over Treasuries
By Lisa Kerner
Charlotte, N.C., May 13 – Citigroup Inc. priced $1 billion of 4.75% subordinated notes due 2046 at 98.927 to yield 4.818%, or 225 basis points over Treasuries on Wednesday, according to an FWP filing with the Securities and Exchange Commission.
Citigroup Global Markets Inc. was the bookrunner.
Proceeds will be used for general corporate purposes, which may include funding the business of the company’s operating units; funding investments in, or extensions of credit or capital contributions to, its subsidiaries; financing possible acquisitions or business expansion; and lengthening the average maturity of liabilities.
The banking and financial services company is based in New York.
| Issuer: | Citigroup Inc.
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| Amount: | $1 billion
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| Description: | Subordinated notes
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| Maturity: | May 18, 2046
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| Bookrunner: | Citigroup Global Markets Inc.
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| Senior co-managers: | Barclays, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., HSBC Securities (USA) Inc., ING, Scotiabank, SG Americas Securities LLC, SMBC Nikko Securities America, Inc., TD Securities (USA) LLC
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| Junior co-managers: | ABN Amro Securities (USA) LLC, Apto Partners, LLC, Blaylock Beal Van, LLC, BNY Mellon Capital Markets, LLC, Cabrera Capital Markets, LLC, CastleOak Securities, LP, Commerz Markets LLC, Danske Markets Inc., Drexel Hamilton, LLC, Lebenthal & Co., LLC, Lloyds Securities Inc., Loop Capital Markets LLC, Melvin Securities, LLC, MFR Securities, Inc., Mischler Financial Group, Inc., MUFG, Mizuho Securities USA Inc., Natixis Securities Americas LLC, Nomura Securities International, Inc., RBS Securities Inc., SunTrust Robinson Humphrey, Inc., U.S. Bancorp Investments, Inc., Wells Fargo Securities, LLC
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| Coupon: | 4.75%
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| Price: | 98.927
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| Yield: | 4.818%
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| Spread: | 225 bps over Treasuries
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| Trade date: | May 11
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| Settlement date: | May 18
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| Ratings: | Moody’s: Baa3
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| S&P: BBB
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| Fitch: A-
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| Distribution: | SEC registered
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