New Issue: Citigroup prices $2.5 billion of 3.98% fixed-to-floating notes due 2030 at par

By Cristal Cody

Tupelo, Miss., March 14 – Citigroup Inc. sold $2.5 billion of 3.98% fixed-to-floating rate senior notes due March 20, 2030 (A3/BBB+/A) at par to yield a spread of Treasuries plus 137.5 basis points, according to a market source and an FWP filing with the Securities and Exchange Commission.

Initial price talk was in the Treasuries plus 147.5 bps area.

The notes will reset March 20, 2029 to a floating rate of Libor plus 133.8 bps.

Citigroup Global Markets Inc. was the bookrunner.

The financial services company is based in New York.

Issuer:	Citigroup Inc.
Amount:	$2.5 billion
Maturity:	March 20, 2030
Description:	Fixed-to-floating rate senior notes
Bookrunner:	Citigroup Global Markets Inc.
Senior co-managers:	CIBC World Markets Corp., Deutsche Bank Securities Inc., Lloyds Securities Inc., PNC Capital Markets LLC, RBC Capital Markets, LLC, Standard Chartered Bank, UBS Securities LLC, UniCredit Capital Markets LLC and U.S. Bancorp Investments, Inc.
Junior co-managers:	Apto Partners, LLC, BB&T Capital Markets, Blaylock Van, LLC, BMO Capital Markets Corp., BNY Mellon Capital Markets, LLC, Capital One Securities, Inc., Citizens Capital Markets, Inc., Commonwealth Bank of Australia, Danske Markets Inc., Drexel Hamilton, LLC, Industrial and Commercial Bank of China Ltd., Singapore branch, ING Financial Markets LLC, Loop Capital Markets LLC, Mischler Financial Group, Inc., National Bank of Canada Financial Inc., Natixis Securities Americas LLC, Nomura Securities International, Inc., RB International Markets (USA) LLC, Scotia Capital (USA) Inc., SG Americas Securities, LLC, SMBC Nikko Securities America, Inc., SunTrust Robinson Humphrey, Inc., TD Securities (USA) LLC, Telsey Advisory Group LLC, Westpac Capital Markets LLC and Williams Capital Group, LP
Coupon:	3.98%; resets March 20, 2029 to floating rate of Libor plus 133.8 bps
Price:	Par
Yield:	3.98%
Spread:	Treasuries plus 137.5 bps
Call features:	Make-whole call on or after Sept. 20, 2019 and before March 20, 2029 at price equal to sum of par and Treasuries plus 25 bps; thereafter at par
Trade date:	March 13
Settlement date:	March 20
Ratings:	Moody’s: A3
	S&P: BBB+
	Fitch: A
Distribution:	SEC registered
Price guidance:	Treasuries plus 147.5 bps area

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