New Issue: Citigroup offers more details on $4.5 billion three-part sale of notes

By Devika Patel

Knoxville, Tenn., April 19 – Citigroup, Inc. offered further details about a $4.5 billion three-tranche offering of notes (Baa1/BBB+/A) that priced on Tuesday, according to an FWP filed with the Securities and Exchange Commission.

The company sold $1.25 billion of five-year floating-rate notes at Libor plus 96 basis points. The notes priced at par to yield Libor plus 96 basis points.

Citigroup priced $2.25 billion of 2.75% five-year fixed-rate notes at a spread of Treasuries plus 107 bps. These notes priced at 99.93 to yield 2.765%.

Citigroup placed a $1 billion tranche of 4.281% 31-year fixed-to-floating notes at a spread of 145 bps over Treasuries. These notes priced at par and accrue interest at 4.281% initially and at Libor plus 183.9 bps on and after April 24, 2047.

Citigroup Global Markets Inc. was the bookrunner.

Citigroup is a financial services company based in New York.

Issuer:	Citigroup, Inc.
Amount:	$4.5 billion
Description:	Floating-rate, fixed-rate and fixed-to-floating notes
Bookrunner:	Citigroup Global Markets Inc.
Trade date:	April 18
Settlement date:	April 25
Ratings:	Moody’s: Baa1
	S&P: BBB+
	Fitch: A
Five-year floaters
Amount:	$1.25 billion
Maturity:	April 25, 2022
Coupon:	Libor plus 96 bps
Price:	Par
Yield:	Libor plus 96 bps
Call:	Redeemable at par plus interest on or after March 25, 2022
Senior co-managers:	ANZ Securities, Inc., Credit Suisse Securities (USA) LLC, Danske Markets Inc., Deutsche Bank Securities Inc., HSBC Securities (USA) Inc., MUFG, Nomura Securities International, Inc., Standard Chartered Bank, TD Securities (USA) LLC, U.S. Bancorp Investments, Inc.
Junior co-managers:	Academy Securities, Inc., Bank of China Ltd., London Branch, BNP Paribas Securities Corp., Cabrera Capital Markets, LLC, CIBC World Markets Corp., Commonwealth Bank of Australia, Drexel Hamilton, LLC, Lloyds Securities Inc., Macquarie Capital (USA) Inc., MFR Securities, Inc., PNC Capital Markets LLC, R. Seelaus & Co., Inc., RedTail Capital Markets, LLC, Santander Investment Securities Inc., Skandinaviska Enskilda Banken AB (publ)
Five-year notes
Amount:	$2.25 billion
Maturity:	April 25, 2022
Coupon:	2.75%
Price:	99.93
Yield:	2.765%
Spread:	Treasuries plus 107 bps
Call:	Make-whole call at Treasuries plus 20 bps after Oct. 25, 2017 and before March 25, 2022, then a par call
Senior co-managers:	ANZ Securities, Inc., Credit Suisse Securities (USA) LLC, Danske Markets Inc., Deutsche Bank Securities Inc., HSBC Securities (USA) Inc., MUFG, Nomura Securities International, Inc., Standard Chartered Bank, TD Securities (USA) LLC, U.S. Bancorp Investments, Inc.
Junior co-managers:	Academy Securities, Inc., Bank of China Ltd., London Branch, BNP Paribas Securities Corp., Cabrera Capital Markets, LLC, CIBC World Markets Corp., Commonwealth Bank of Australia, Drexel Hamilton, LLC, Lloyds Securities Inc., Macquarie Capital (USA) Inc., MFR Securities, Inc., PNC Capital Markets LLC, R. Seelaus & Co., Inc., RedTail Capital Markets, LLC, Santander Investment Securities Inc., Skandinaviska Enskilda Banken AB (publ)
31-year notes
Amount:	$1 billion
Maturity:	2048
Coupon:	4.281% initially; on April 24, 2047 converts to Libor plus 183.9 bps
Price:	Par
Yield:	4.281% initially; on April 24, 2047 converts to Libor plus 183.9 bps
Spread:	Treasuries plus 145 bps
Call:	Make-whole call at Treasuries plus 25 bps after Oct. 24, 2017 and before April 24, 2047, then a par call
Senior co-managers:	Barclays, BBVA Securities Inc., BMO Capital Markets Corp., Mizuho Securities USA LLC, nabSecurities, LLC, Scotia Capital (USA) Inc., SG Americas Securities, LLC, SMBC Nikko Securities America, Inc., UBS Securities LLC, UniCredit Capital Markets LLC
Junior co-managers:	ABN Amro Inc., Bank of China Ltd., London Branch, BB&T Capital Markets, Blaylock Beal Van, LLC, CastleOak Securities, LP, Credit Agricole Securities (USA) Inc., DBS Bank Ltd., Global Oak Capital Markets, LLC, Imperial Capital, LLC, Loop Capital Markets LLC, Multi-Bank Securities, Inc., Penserra Securities LLC, RBC Capital Markets Corp., Regions Securities LLC, Williams Capital Group LP

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