By Cristal Cody
Tupelo, Miss., April 16 – Citigroup Inc. (Baa1/BBB+/A) priced $2 billion of 4.075% fixed-to-floating rate notes due April 23, 2029 on the tight side of guidance Monday at a spread of Treasuries plus 125 basis points, according to a market source.
The notes will convert to a floating rate of Libor plus 119.2 bps after the initial fixed-rate period.
Citigroup Global Markets Inc. was the bookrunner.
Citigroup is a financial services company based in New York.
| Issuer: | Citigroup Inc.
|
| Amount: | $2 billion
|
| Description: | Fixed-to-floating rate notes
|
| Maturity: | April 23, 2029
|
| Bookrunner: | Citigroup Global Markets Inc.
|
| Coupon: | 4.075%; resets to Libor plus 119.2 bps after initial fixed-rate period
|
| Spread: | Treasuries plus 125 bps
|
| Trade date: | April 16
|
| Ratings: | Moody’s: Baa1
|
| S&P: BBB+
|
| Fitch: A
|
| Price talk: | Treasuries plus 125 bps to 128 bps area
|
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