Published on 12/2/2016 in the Prospect News Investment Grade Daily.
New Issue: Citigroup details $3 billion sale of fixed- and floating-rate notes
By Devika Patel
Knoxville, Tenn., Dec. 2 – Citigroup, Inc. offered further details about a $3 billion issue of five-year fixed- and floating-rate notes (Baa1/BBB+/A) in FWPs filed Friday with the Securities and Exchange Commission. The notes priced on Thursday.
The company sold $750 million of floating-rate notes due Dec. 7, 2021 at par to yield Libor plus 107 basis points. These notes have a par call after Nov. 8, 2021.
Citigroup priced $2.25 billion of 2.9% five-year notes at 99.829 to yield 2.937%, or 105 bps over Treasuries. These notes have a make-whole call from June 8, 2017 to Nov. 8, 2021 and then a par call.
Citigroup Global Markets Inc. was the bookrunner.
Citigroup is a financial services company based in New York.
| Issuer: | Citigroup, Inc.
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| Amount: | $3 billion
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| Description: | Notes
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| Bookrunner: | Citigroup Global Markets Inc.
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| Senior co-managers: | Commonwealth Bank of Australia, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Mizuho Securities USA Inc., MUFG, PNC Capital Markets LLC, RBC Capital Markets Corp., SG Americas Securities LLC, Skandinaviska Enskilda Banken AB, TD Securities (USA) LLC and UniCredit Capital Markets LLC
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| Junior co-managers: | ABN AMRO Securities (USA) LLC, Academy Securities, Inc., Blaylock Robert Van, LLC, BMO Capital Markets Corp., C.L. King & Associates, Inc., Capital One Securities, Inc., CastleOak Securities LP, Danske Markets Inc., Great Pacific Securities, HSBC Securities (USA) Inc., ING Financial Markets LLC, Lebenthal & Co., LLC, Loop Capital Markets LLC, Mischler Financial Group, Inc., Multi-Bank Securities, Inc., nabSecurities, LLC, Regions Securities LLC, Samuel A. Ramirez & Co. Inc., Scotia Capital (USA) Inc., SMBC Nikko Securities America, Inc., SunTrust Robinson Humphrey Inc., U.S. Bancorp Investments Inc. and Wells Fargo Securities LLC
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| Trade date: | Dec. 1
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| Settlement date: | Dec. 8
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| Ratings: | Moody’s: Baa1
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| S&P: BBB+
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| Fitch: A
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| Five-year floaters
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| Amount: | $750 million
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| Maturity: | Dec. 7, 2021
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| Coupon: | Libor plus 107 bps
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| Price: | Par
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| Yield: | Libor plus 107 bps
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| Call feature: | Par call after Nov. 8, 2021
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| Five-year notes
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| Amount: | $2.25 billion
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| Maturity: | Dec. 7, 2021
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| Coupon: | 2.9%
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| Price: | 99.829
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| Yield: | 2.937%
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| Spread: | 105 bps over Treasuries
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| Call feature: | Make-whole call from June 8, 2017 to Nov. 8, 2021, then a par call
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