By Cristal Cody
Tupelo, Miss., May 15 – Citigroup Inc. (Baa1/BBB+/A) priced $2.6 billion of notes in three tranches on Tuesday, according to a market source.
Citigroup sold $1 billion of six-year floating-rate notes at Libor plus 102.3 basis points.
The $1.25 billion of 4.044% six-year fixed-to-floating rate notes priced at a spread of Treasuries plus 112.5 bps. The notes will have a floating rate of Libor plus 102.3 bps after the initial fixed-rate period.
Citigroup also priced a $350 million tap of its 4.45% notes due Sept. 29, 2027 at a Treasuries plus 163 bps spread.
The total outstanding now is $3.85 billion, which includes $1.5 billion of notes priced Oct. 23, 2015 at 100.299 to yield 4.417%, or a spread of Treasuries plus 233 bps. Citigroup first priced $2 billion of the notes on Sept. 23, 2015 at 99.54 to yield 4.5% and a 235 bps over Treasuries spread.
Citigroup Global Markets Inc. was the bookrunner.
Citigroup is a financial services company based in New York.
| Issuer: | Citigroup Inc.
|
| Amount: | $2.6 billion
|
| Description: | Floating-rate, fixed-rate and fixed-to-floating rate notes
|
| Bookrunner: | Citigroup Global Markets Inc.
|
| Trade date: | May 15
|
| Ratings: | Moody’s: Baa1
|
| S&P: BBB+
|
| Fitch: A
|
|
|
| Six-year floaters
|
| Amount: | $1 billion
|
| Description: | Floating-rate notes
|
| Maturity: | June 1, 2024
|
| Coupon: | Libor plus 102.3 bps
|
|
|
| Six-year fixed/floaters
|
| Amount: | $1.25 billion
|
| Description: | Fixed-to-floating rate notes
|
| Maturity: | June 1, 2024
|
| Coupon: | 4.044%; resets to floating rate of Libor plus 102.3 bps after initial fixed-rate period
|
| Spread: | Treasuries plus 112.5 bps
|
|
|
| Nine-year notes
|
| Amount: | $350 million reopening
|
| Description: | Fixed-rate notes
|
| Maturity: | Sept. 29, 2027
|
| Coupon: | 4.45%
|
| Spread: | Treasuries plus 163 bps
|
| Total outstanding: | $3.85 billion, including $1.5 billion of notes priced Oct. 23, 2015 at 100.299 to yield 4.417%, or a spread of Treasuries plus 233 bps and $2 billion of notes priced Sept. 23, 2015 at 99.54 to yield 4.5% and a 235 bps over Treasuries spread
|
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