Citibank Announces $1.25 Billion Redemption of 3.165% Fixed Rate / Floating Rate Notes due February 2022 and $500 Million Redemption of Floating Rate Notes due February 2022
Citibank, N.A. announced the complete redemption of $1.25 billion in 3.165% Fixed Rate/Floating Rate Notes and $500 million in Floating Rate Notes, both due February 2022, effective February 19, 2021. This move aligns with Citibank's liability management strategy aimed at enhancing capital and funding efficiency. The cash redemption price will equal par plus accrued interest, and interest on the notes will cease post-redemption. Citibank continues to evaluate opportunities for further securities redemption based on economic, regulatory, and market conditions.
- Redemption of $1.25 billion in Fixed Rate/Floating Rate Notes indicates strong liquidity.
- Redemption of $500 million in Floating Rate Notes reflects proactive debt management.
- None.
Citibank, N.A. is announcing the redemption, in whole, constituting
The redemption date for the notes is February 19, 2021. The cash redemption price payable for the notes on February 19, 2021 will equal par plus accrued and unpaid interest. The redemption announced today is consistent with Citibank's liability management strategy, and reflects its ongoing efforts to enhance the efficiency of its funding and capital structure. Citibank will continue to consider opportunities to redeem or repurchase securities, based on several factors, including without limitation, the economic value, regulatory changes, potential impact on Citibank's net interest margin and borrowing costs, the overall remaining tenor of Citibank's debt portfolio, capital impact, as well as overall market conditions.
Beginning on the redemption date, the notes will no longer be outstanding and interest will no longer accrue on such securities.
Citibank, N.A. is the paying agent for the notes.
Citigroup, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citigroup provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210204005945/en/
FAQ
What is the total amount Citibank is redeeming in February 2021?
When is the redemption date for the Citibank notes?
What will happen to the interest on the notes after redemption?
What is Citibank's reason for the notes redemption?
Who is the paying agent for the Citibank notes?
