Citigroup to redeem €1.29 billion 4.75% fixed-to-floaters due 2019

By Tali Rackner

Minneapolis, Jan. 10 – Citigroup Inc. called all €1,288,000,000 of its 4.75% fixed-to-floating subordinated notes due February 2019, according to a press release.

The notes will be redeemed at par plus €3,601,982 of accrued interest on Feb. 10.

Citigroup said the redemption is consistent with its liability management strategy and reflects its ongoing efforts to enhance the efficiency of its funding and capital structure. Since 2015, the bank has redeemed or retired $26.3 billion of its securities, reducing its overall funding costs.

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