New Issue: Citigroup prices $4.4 billion of notes in three tranches with strong demand

By Cristal Cody

Tupelo, Miss., Oct. 24 – Citigroup Inc. (Baa1/BBB+/A) priced $4.4 billion of senior notes in three tranches, according to a market source and FWP filings with the Securities and Exchange Commission.

Citigroup priced $400 million of five-year floating-rate notes at par to yield Libor plus 69 basis points.

Citigroup sold $1.75 billion of 2.7% five-year fixed-rate notes at 99.666 to yield 2.772%, or a spread of Treasuries plus 77 bps.

The $2.25 billion tranche of 3.52% 11-year fixed-to-floating rate notes priced at par to yield Treasuries plus 115 bps. The notes will convert to a floating rate of Libor plus 115.1 bps on Oct. 27, 2027.

The floaters had an $800 million final book size, while the five-year fixed-rate notes saw a final book size of $2.8 billion and the fixed/floaters had a final book size of $3.6 billion.

Citigroup Global Markets Inc. was the bookrunner.

Citigroup is a financial services company based in New York.

Issuer:	Citigroup Inc.
Amount:	$4.4 billion
Description:	Senior floating-rate, fixed-rate and fixed-to-floating rate notes
Bookrunner:	Citigroup Global Markets Inc.
Senior co-managers:	BMO Capital Markets Corp., Capital One Securities, Inc., Deutsche Bank Securities Inc., HSBC Securities (USA) Inc., MUFG, RBS Securities Inc., Scotia Capital (USA) Inc., TD Securities (USA) LLC, UBS Securities LLC and UniCredit Capital Markets LLC
Co-managers:	Academy Securities, Inc., Bank of China Ltd., London Branch, Barclays, BBVA Securities Inc., BNY Mellon Capital Markets, LLC, C.L. King & Associates, Inc., CastleOak Securities, LP, Credit Agricole Securities (USA) Inc., Fifth Third Securities, Inc., Imperial Capital, LLC, MFR Securities, Inc., Mischler Financial Group, Inc., Mizuho Securities USA LLC, Nomura Securities International, Inc., RBC Capital Markets, LLC, SG Americas Securities, LLC, Siebert Cisneros Shank & Co., LLC and SMBC Nikko Securities America, Inc.
Trade date:	Oct. 23
Settlement date:	Oct. 27
Ratings:	Moody’s: Baa1
	S&P: BBB+
	Fitch: A
Distribution:	SEC registered
Five-year floaters
Amount:	$400 million
Maturity:	Oct. 27, 2022
Coupon:	Libor plus 69 bps
Price:	Par
Yield:	Libor plus 69 bps
Call feature:	On or after Sept. 27, 2022 at par
Five-year notes
Amount:	$1.75 billion
Maturity:	Oct. 27, 2022
Coupon:	2.7%
Price:	99.666
Yield:	2.772%
Spread:	Treasuries plus 77 bps
Call features:	Make-whole call on or after April 27, 2018 and before Sept. 27, 2022; thereafter at par
11-year notes
Amount:	$2.25 billion
Maturity:	Oct. 27, 2028
Coupon:	3.52%; converts to floating rate of Libor plus 115.1 bps on Oct. 27, 2027
Price:	Par
Spread:	Treasuries plus 115 bps
Call features:	Make-whole call on or after April 27, 2018 and before Oct. 27, 2027; thereafter at par

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