Morning Commentary: Citigroup prices $300 million add-on to 2.9% five-year notes

By Devika Patel

Knoxville, Tenn., Dec. 9 – Early primary activity in the investment-grade bond market on Friday included a $300 million add-on to Citigroup, Inc.’s five-year fixed-rate notes (Baa1/BBB+/A).

The company priced $300 million of 2.9% five-year notes at 100.082 to yield 2.882%, or 105 basis points 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.

The New York financial services company previously sold $2.25 billion of notes in a deal that priced on Dec. 2.

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