New Issue: Citigroup details $2.75 billion sale of 3.325% fixed-to-floating notes due 2025

By Cristal Cody

Tupelo, Miss., April 17 – Citigroup Inc. sold $2.75 billion of 3.325% fixed-to-floating rate senior notes due April 24, 2025 (A3/BBB+/A) at par to yield a spread of Treasuries plus 95 basis points on Tuesday, according to additional details of the previously announced offering in an FWP filing with the Securities and Exchange Commission.

Initial price talk was in the Treasuries plus 110 bps area.

The notes will reset April 24, 2024 to a floating rate of Libor plus 89.6 bps.

Citigroup Global Markets Inc. was the bookrunner.

The financial services company is based in New York.

Issuer:	Citigroup Inc.
Amount:	$2.75 billion
Maturity:	April 24, 2025
Description:	Fixed-to-floating rate senior notes
Bookrunner:	Citigroup Global Markets Inc.
Senior co-managers:	BMO Capital Markets Corp., BNY Mellon Capital Markets, LLC, Danske Markets Inc., Lloyds Securities Inc., Nomura Securities International, Inc., RB International Markets (USA) LLC, RBC Capital Markets, LLC, Santander Investment Securities Inc., Scotia Capital (USA) Inc. and SMBC Nikko Securities America, Inc.
Junior co-managers:	ABN Amro Securities (USA) LLC, Academy Securities, Inc., ANZ Securities, Inc., Bancroft Capital, LLC, Bank of China Ltd., London Branch, Cabrera Capital Markets, LLC, CIBC World Markets Corp., Citizens Capital Markets, Inc., Commonwealth Bank of Australia, Desjardins Securities Inc., Deutsche Bank Securities Inc., Fifth Third Securities, Inc., HSBC Securities (USA) Inc., IFS Securities, Inc., Imperial Capital, LLC, ING Financial Markets LLC, Loop Capital Markets LLC, MFR Securities, Inc., MUFG, nabSecurities, LLC, Regions Securities LLC, Samuel A. Ramirez & Co., Inc., SG Americas Securities, LLC, Siebert Cisneros Shank & Co., LLC, TD Securities (USA) LLC, Telsey Advisory Group LLC, U.S. Bancorp Investments, Inc. and Westpac Capital Markets LLC
Coupon:	3.325%; resets April 24, 2024 to floating rate of Libor plus 89.6 bps
Price:	Par
Yield:	3.325%
Spread:	Treasuries plus 95 bps
Call features:	Make-whole call on or after Oct. 24, 2019 and before April 24, 2024 at price equal to par and Treasuries plus 20 bps; April 24, 2024 at par and on or after March 24, 2025 at par
Trade date:	April 16
Settlement date:	April 24
Ratings:	Moody’s: A3
	S&P: BBB+
	Fitch: A
Price guidance:	Treasuries plus 110 bps area

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