New Issue: Citigroup prices $5.25 billion of fixed- and floating-rate notes in three tranches

By Cristal Cody

Eureka Springs, Ark., Jan. 5 – Citigroup, Inc. priced $5.25 billion of senior notes (Baa1/BBB+/A) in three tranches on Wednesday, according to FWP filings with the Securities and Exchange Commission.

The company sold $1 billion of three-year floating-rate notes at par to yield Libor plus 79 basis points.

Citigroup priced $1.5 billion of 2.45% three-year notes at 99.96 to yield 2.464%, or 98 bps over Treasuries.

The $2.75 billion tranche of 3.887% fixed-rate/floating-rate callable senior notes due Jan. 10, 2028 priced at par with a spread of 145 bps over Treasuries.

The notes have a fixed-rate coupon to but excluding Jan. 10, 2027 and carry a floating-rate coupon of Libor plus 156.3 bps thereafter.

Citigroup Global Markets Inc. was the bookrunner.

Citigroup is a financial services company based in New York.

Issuer:	Citigroup, Inc.
Amount:	$5.25 billion
Description:	Senior notes
Bookrunner:	Citigroup Global Markets Inc.
Senior co-managers:	BBVA Securities Inc., BNP Paribas Securities Corp., Commonwealth Bank of Australia, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., HSBC Securities (USA) Inc., Santander Investment Securities Inc., Scotia Capital (USA) Inc., SG Americas Securities, LLC, SMBC Nikko Securities America, Inc., UBS Securities LLC, UniCredit Capital Markets LLC, Wells Fargo Securities, LLC
Junior co-managers:	Academy Securities, Inc., Blaylock Beal Van, LLC, BNY Mellon Capital Markets, LLC, Capital One Securities, Inc., Citizens Capital Markets, Inc., Credit Agricole Securities (USA) Inc., Drexel Hamilton, LLC, Huntington Investment Co., ING Financial Markets LLC, Lebenthal & Co., LLC, Loop Capital Markets LLC, MFR Securities, Inc., Mizuho Securities USA Inc., MUFG Securities Americas Inc., nabSecurities, LLC, Nomura Securities International, Inc., RBC Capital Markets, LLC, Samuel A. Ramirez & Co., Inc., Skandinaviska Enskilda Banken AB, TD Securities (USA) LLC, Telsey Advisory Group LLC
Trade date:	Jan. 4
Settlement date:	Jan. 10
Ratings:	Moody’s: Baa1
	S&P: BBB+
	Fitch: A
Distribution:	SEC registered
Three-year floaters
Amount:	$1 billion
Maturity:	Jan. 10, 2020
Coupon:	Libor plus 79 bps
Price:	Par
Yield:	Libor plus 79 bps
Call feature:	On or after Dec. 10, 2019 at par
Three-year notes
Amount:	$1.5 billion
Maturity:	Jan. 10, 2020
Coupon:	2.45%
Price:	99.96
Yield:	2.464%
Spread:	Treasuries plus 98 bps
Call feature:	On or after July 10, 2017 and before Dec. 10, 2019 at price equal to par and make-whole amount; on or after Dec. 10, 2019 at par
11-year fixed/floaters
Amount:	$2.75 billion
Maturity:	Jan. 10, 2028
Coupon:	3.887%; converts to floating-rate coupon of Libor plus 156.3 bps from and including Jan. 10, 2027
Price:	Par
Spread:	Treasuries plus 145 bps
Call feature:	On or after July 10, 2017 and before Jan. 10, 2027 at price equal to sum of par and make-whole amount; on or after Jan. 10, 2027 at par

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