Citi LIBOR Transition Update

Rhea-AI Summary

Update regarding fallback provisions for outstanding USD LIBOR CMS Instruments. Citigroup Inc. provides notice that the USD LIBOR CMS Rate will be determined by reference to the USD SOFR Spread-Adjusted ICE Swap Rate® after June 30, 2023. No concrete business takes affecting stock price.

Update Regarding Fallback Provisions for Outstanding US Law-Governed Citi-Issued USD LIBOR CMS Instruments

NEW YORK--(BUSINESS WIRE)-- On June 30, 2023 (the “Cessation Date”), ICE Benchmark Administration (“IBA”) ceased publication of all ICE Swap Rate settings based on USD LIBOR. This cessation followed the announcement by the UK Financial Conduct Authority on March 5, 2021, that all USD LIBOR settings would either cease or no longer be representative after the Cessation Date. The USD LIBOR ICE Swap Rate is also referred to as a constant maturity swap (or “CMS”) rate, and in this press release is referred to as the “USD LIBOR CMS Rate”.

Citigroup Inc. and certain of its consolidated subsidiaries have issued debt securities, certificates of deposit, preferred stock, asset-backed securities and trust preferred securities that:

		(i)		use the USD LIBOR CMS Rate as a benchmark (i.e., as a reference for calculating or determining one or more valuations, payments or other measurements),
		(ii)		mature after the Cessation Date and
		(iii)		are governed by U.S. law or the law of a U.S. state (“Legacy CMS Instruments”).

Citi is issuing this press release to provide notice that, pursuant to the fallback provisions in each Legacy CMS Instrument, each determination of the USD LIBOR CMS Rate to be made under the terms of the Legacy CMS Instruments after the Cessation Date will be made by reference to the USD SOFR Spread-Adjusted ICE Swap Rate^® for the corresponding tenor as published by IBA (or any successor) for so long as such rate is published.

This press release updates information provided in a previous press release relating to the Legacy CMS Instruments dated May 11, 2023. The Legacy CMS Instruments in scope of this press release are listed on the annex to this press release.

The applicable issuer has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (“SEC”) for certain of the securities to which this communication relates. Before investing, any investor should read the prospectus in that registration statement and the other documents the issuer has filed with the SEC for more complete information about the issuer and such securities. Any investor may obtain these documents without cost by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, any investor can request these documents from Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, telephone: (800) 831-9146 or email: prospectus@citi.com.

Annex

Issuer: Citigroup Inc.
CUSIP

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Issuer: Citigroup Global Markets Holdings Inc.
CUSIP

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Issuer: Citibank, N.A. (CBNA)
CUSIP

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About Citi

Citi is a preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in its home market of the United States. Citi does business in nearly 160 countries and jurisdictions, providing corporations, governments, investors, institutions and individuals with a broad range of financial products and services.

Additional information may be found at www.citigroup.com | Twitter: @Citi | LinkedIn: www.linkedin.com/company/citi | YouTube: www.youtube.com/citi | Facebook: www.facebook.com/citi

Alternatively, please contact the Issuer at iborq@citi.com if you have any questions about anything contained in this press release.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230927506868/en/

Media Contact:

Danielle Romero Apsilos

212 816 2264

danielle.romeroapsilos@citi.com

Fixed Income Investor Contact:

Peter Demoise

212 559 2718

peter.demoise@citi.com

Source: Citi