Published on 1/23/2020 in the Prospect News Investment Grade Daily.
New Issue: Citigroup details $2.25 billion of 2.666% fixed-to-floaters due 2031
By Devika Patel
Knoxville, Tenn., Jan. 23 – Citigroup Inc. offered further details about a $2.25 billion sale of 2.666% fixed-to-floating rate senior notes due Jan. 29, 2031 (A3/BBB+/A) that priced at a spread of Treasuries plus 90 basis points on Wednesday, according to an FWP filed with the Securities and Exchange Commission.
Initial price talk was in the Treasuries plus 105 bps area.
The fixed rate will convert to a floating rate of SOFR plus 114.6 bps on Jan. 29, 2030.
Citigroup Global Markets Inc. was the bookrunner.
The New York-based financial services company plans to use the proceeds for general corporate purposes.
| Issuer: | Citigroup Inc.
|
| Amount: | $2.25 billion
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| Maturity: | Jan. 29, 2031
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| Description: | Fixed-to-floating rate senior notes
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| Bookrunner: | Citigroup Global Markets Inc.
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| Senior co-managers: | Deutsche Bank Securities Inc., Huntington Investment Co., Lloyds Securities Inc., MUFG, Santander Investment Securities Inc. and SG Americas Securities LLC
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| Junior co-managers: | American Veterans Group, PBC, ANZ Securities, Inc., Bank of China Ltd., London Branch, Blaylock Robert Van, LLC, BNP Paribas Securities Corp., BNY Mellon Capital Markets LLC,, C.L. King & Associates, Inc., Capital Institutional Services, Inc., Commonwealth Bank of Australia, Danske Markets Inc., Desjardins Securities Inc., DZ Financial Markets LLC, Jefferies & Co., KeyBanc Capital Markets Inc., Loop Capital Markets LLC, Mizuho Securities USA Inc., National Bank of Canada Financial Inc., Netrex Capital Markets, LLC, Nomura Securities International, Inc., Oversea-Chinese Banking Corp. Ltd., R. Seelaus & Co., LLC, RBC Capital Markets, LLC, Regions Securities LLC, Roberts & Ryan Investments Inc., SMBC Nikko Securities America, Inc., Standard Chartered Bank, SunTrust Robinson Humphrey, Inc., U.S. Bancorp Investments, Inc. and UniCredit Capital Markets LLC
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| Coupon: | 2.666%; resets Jan. 29, 2030 to floating rate of SOFR plus 114.6 bps
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| Spread: | Treasuries plus 90 bps
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| Price: | Par
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| Call: | Make-whole call at Treasuries plus 15 bps until Dec. 29, 2030, then a par call
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| Trade date: | Jan. 22
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| Settlement date: | Jan. 29
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| Ratings: | Moody’s: A3
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| S&P: BBB+
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| Fitch: A
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| Price guidance: | Treasuries plus 105 bps area
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