Published on 7/17/2018 in the Prospect News Investment Grade Daily.
New Issue: Citigroup details $2.5 billion sale of 4.65% 30-year notes at 170 bps over Treasuries
By Cristal Cody
Tupelo, Miss., July 17 – Citigroup Inc. (Baa1/BBB+/A) offered additional details of its $2.5 billion of 4.65% 30-year notes that priced at 99.952 to yield 4.653% on Monday, according to an FWP filing with the Securities and Exchange Commission.
The notes priced at a spread of Treasuries plus 170 basis points, on the tight side of initial guidance in the Treasuries plus 185 bps area.
Citigroup Global Markets Inc. was the bookrunner.
The financial services company is based in New York.
| Issuer: | Citigroup Inc.
|
| Amount: | $2.5 billion
|
| Maturity: | July 23, 2048
|
| Description: | Notes
|
| Bookrunner: | Citigroup Global Markets Inc.
|
| Senior co-managers: | Barclays, BMO Capital Markets Corp., Lloyds Securities Inc., Scotia Capital (USA) Inc., Standard Chartered Bank, UBS Securities LLC and UniCredit Capital Markets LLC
|
| Junior co-managers: | Academy Securities, Inc., C.L. King & Associates, Inc., Cabrera Capital Markets, LLC, Capital One Securities, Inc., CastleOak Securities, LP, CIBC World Markets Corp., Commonwealth Bank of Australia, Credit Suisse Securities (USA) LLC, Great Pacific Securities, Huntington Investment Co., ICBC Standard Bank plc, MFR Securities, Inc., Mizuho Securities USA LLC, SG Americas Securities, LLC, Siebert Cisneros Shank & Co., LLC, Skandinaviska Enskilda Banken AB, SMBC Nikko Securities America, Inc., Swedbank AB and Westpac Capital Markets LLC
|
| Coupon: | 4.65%
|
| Price: | 99.952
|
| Yield: | 4.653%
|
| Spread: | Treasuries plus 170 bps
|
| Call features: | Make-whole call after Jan. 23, 2019 and before June 23, 2048 at price equal to sum of par and Treasuries plus 30 bps; thereafter at par
|
| Trade date: | July 16
|
| Settlement date: | July 23
|
| Ratings: | Moody’s: Baa1
|
| S&P: BBB+
|
| Fitch: A
|
| Distribution: | SEC registered
|
| Price guidance: | Treasuries plus 185 bps area
|
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