Citigroup raised $5.5bn via a three-part offering. It raised:
- $500mn via a 4NC3 Floating Rate Note (FRN) at SOFR + 66.9bp as compared to initial guidance of SOFR equivalent
- $2bn via a 4NC3 bond at a yield of 0.981%, 17bp inside initial guidance of T+80bp area
- $3bn via a 11NC10 bond at a yield of 2.561%, 25bp inside initial guidance of T+120bp area
The bonds have expected ratings of A3/BBB+ and proceeds will be used for general corporate purposes. Citi’s issuance follows that of its peers BofA, JPMorgan, Goldman Sachs and Morgan Stanley that have raised a combined $43bn via dollar bonds in the last month.
Citi’s bonds were marginally higher with its 6.25% Perp up 0.3 to 117.2, yielding 2.73%.