Published on 4/17/2018 in the Prospect News Investment Grade Daily.
New Issue: Citigroup gives details on $2 billion 4.075% fixed-to-floaters due 2029
By Devika Patel
Knoxville, Tenn., April 17 – Citigroup Inc. (Baa1/BBB+/A) offered further details about a $2 billion issue of 4.075% fixed-to-floating rate notes due April 23, 2029 that priced on the tight side of guidance Monday at a spread of Treasuries plus 125 basis points, according to an FWP filed with the Securities and Exchange Commission.
The notes, sold at par, will convert to a floating rate of Libor plus 119.2 bps on April 23, 2028.
Citigroup Global Markets Inc. was the bookrunner.
Citigroup is a financial services company based in New York.
| Issuer: | Citigroup Inc.
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| Amount: | $2 billion
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| Description: | Fixed-to-floating rate notes
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| Maturity: | April 23, 2029
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| Bookrunner: | Citigroup Global Markets Inc.
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| Senior co-managers: | ABN Amro Inc., BBVA Securities Inc., BMO Capital Markets Corp., Capital One Securities, Inc., Citizens Capital Markets, Inc., Danske Markets Inc., Lloyds Securities Inc., RBC Capital Markets Corp., Scotia Capital (USA) Inc. and UniCredit Capital Markets LLC
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| Junior co-managers: | Academy Securities, Inc., ANZ Securities, Inc., Bank of China Ltd., London Branch, BNY Mellon Capital Markets LLC, CIBC World Markets Corp., Credit Agricole Securities (USA) Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., HSBC Securities (USA) Inc., IFS Securities, Inc., Industrial and Commercial Bank of China (Asia) Ltd., Mizuho Securities USA Inc., Multi-Bank Securities, Inc., R. Seelaus & Co., Inc., RBS Securities Inc., Samuel A. Ramirez & Co. Inc., Skandinaviska Enskilda Banken AB (publ), SMBC Nikko Securities America, Inc., SunTrust Robinson Humphrey Inc., Swedbank AB (publ), TD Securities (USA) LLC, UBS Securities LLC, Westpac Capital Markets, LLC and Williams Capital Group LP
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| Coupon: | 4.075%; resets to Libor plus 119.2 bps beginning April 23, 2028
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| Price: | Par
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| Spread: | Treasuries plus 125 bps
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| Call: | Make-whole call at Treasuries plus 20 bps from Oct. 23, 2018 and before April 23, 2028, at par on April 23, 2028, at par starting Jan. 23, 2029
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| Trade date: | April 16
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| Settlement date: | April 23
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| Ratings: | Moody’s: Baa1
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| S&P: BBB+
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| Fitch: A
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| Price talk: | Treasuries plus 125 bps to 128 bps area
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