New Issue: Citigroup sells $4.25 billion three-part floaters, fixed-to-floaters

By Devika Patel

Knoxville, Tenn., Oct. 29 – Citigroup Inc. priced $4.25 billion of senior notes (A3/BBB+/A) in three tranches on Monday, according to an FWP filed with the Securities and Exchange Commission.

Citigroup sold $500 million of three-year floaters at SOFR plus 87 basis points with a price of par.

The company priced $1.5 billion of 2.312% three-year fixed-to-floating rate notes at a spread of Treasuries plus 67 bps. These notes have a 2.312% coupon initially, then on Nov. 4, 2021 the interest will begin to accrue at SOFR plus 86.7 bps.

There was a $2.25 billion tranche of 2.976% 11-year fixed-to-floating rate notes at a spread of Treasuries plus 113 bps. These notes have a 2.976% coupon initially, then on Nov. 5, 2029 the interest will begin to accrue at SOFR plus 142.2 bps.

Citigroup Global Markets Inc. was the bookrunner.

Proceeds will be used for general corporate purposes.

Citigroup is a New York-based bank.

Issuer:	Citigroup Inc.
Amount:	$4.25 billion
Description:	Fixed-to-floating rate and floating-rate senior notes
Bookrunner:	Citigroup Global Markets Inc.
Trade date:	Oct. 28
Ratings:	Moody’s: A3
	S&P: BBB+
	Fitch: A
Distribution:	SEC registered
Three-year floaters
Amount:	$500 million
Maturity:	Nov. 4, 2022
Senior co-managers:	Commerzbank Capital Markets Corp., Credit Suisse Securities (USA) LLC, Mizuho Securities USA LLC, Nomura Securities International, Inc., PNC Capital Markets LLC, RBC Capital Markets, LLC, Santander Investment Securities Inc., Standard Chartered Bank, Swedbank AB (publ) and TD Securities (USA) LLC
Junior co-managers:	Banco de Sabadell, SA, Bancroft Capital, LLC, Bank of China Ltd., London Branch, Capital Institutional Services, Inc., Citizens Capital Markets, Inc., Desjardins Securities Inc., Drexel Hamilton, LLC, Global Oak Capital Markets, Jefferies LLC, KeyBanc Capital Markets Inc., Mischler Financial Group, Inc., MUFG, nabSecurities, LLC, National Bank of Canada Financial Inc., North South Capital, LLC, R. Seelaus & Co., LLC, Rabo Securities USA, Inc., Tribal Capital Markets, LLC and UniCredit Capital Markets LLC
Coupon:	SOFR plus 87 bps
Price:	Par
Yield:	SOFR plus 87 bps
Call:	Callable at par on Nov. 4, 2021 and on or after Oct. 4, 2022
Settlement date:	Nov. 4
Three-year notes
Amount:	$1.5 billion
Maturity:	Nov. 4, 2022
Senior co-managers:	Commerzbank Capital Markets Corp., Credit Suisse Securities (USA) LLC, Mizuho Securities USA LLC, Nomura Securities International, Inc., PNC Capital Markets LLC, RBC Capital Markets, LLC, Santander Investment Securities Inc., Standard Chartered Bank, Swedbank AB (publ) and TD Securities (USA) LLC
Junior co-managers:	Banco de Sabadell, SA, Bancroft Capital, LLC, Bank of China Ltd., London Branch, Capital Institutional Services, Inc., Citizens Capital Markets, Inc., Desjardins Securities Inc., Drexel Hamilton, LLC, Global Oak Capital Markets, Jefferies LLC, KeyBanc Capital Markets Inc., Mischler Financial Group, Inc., MUFG, nabSecurities, LLC, National Bank of Canada Financial Inc., North South Capital, LLC, R. Seelaus & Co., LLC, Rabo Securities USA, Inc., Tribal Capital Markets, LLC and UniCredit Capital Markets LLC
Coupon:	2.312% initially; beginning Nov. 4, 2021 converts to SOFR plus 86.7 bps
Price:	Par
Spread:	Treasuries plus 67 bps
Call:	Make-whole call at Treasuries plus 12.5 bps from May 4, 2020 to Nov. 4, 2021, par call on Nov. 4, 2021 and on or after Oct. 4, 2022
Settlement date:	Nov. 4
11-year notes
Amount:	$2.25 billion
Maturity:	Nov. 5, 2030
Senior co-managers:	ANZ Securities, Inc., BMO Capital Markets Corp., Capital One Securities, Inc., Erste Group Bank AG, HSBC Securities (USA) Inc., ING Financial Markets LLC, Lloyds Securities Inc., Scotia Capital (USA) Inc., SMBC Nikko Securities America, Inc. and Huntington Investment Co.
Junior co-managers:	AmeriVet Securities Inc., Bankia, SA, Barclays, Blaylock Robert Van, LLC, BNY Mellon Capital Markets, LLC, CastleOak Securities, LP, CIBC World Markets Corp., Commonwealth Bank of Australia, Great Pacific Securities, ICBC Standard Bank plc, Imperial Capital, LLC, Industrial and Commercial Bank of China Ltd., Singapore branch, Loop Capital Markets LLC, MFR Securities, Inc., Oversea-Chinese Banking Corp. Ltd., Penserra Securities LLC, Regions Securities LLC, Samuel A. Ramirez & Co., Inc. and Tigress Financial Partners LLC
Coupon:	2.976% initially; beginning Nov. 5, 2029 converts to SOFR plus 142.2 bps
Price:	Par
Spread:	Treasuries plus 113 bps
Call:	Make-whole call at Treasuries plus 20 bps from May 5, 2020 to Nov. 5, 2029, par call on Nov. 5, 2029 and on or after Aug. 5, 2030
Settlement date:	Nov. 5

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