Citibank Announces $1.75 Billion Redemption of 3.400% Notes Due July 2021 and $750 Million Redemption of Floating Rate Notes Due July 2021

Rhea-AI Summary

Citibank, N.A. has announced the redemption of $1,750,000,000 in 3.400% Notes and $750,000,000 in Floating Rate Notes, both due July 2021, effective June 23, 2021. The redemption aligns with Citibank's liability management strategy, enhancing its funding efficiency and capital structure. Post-redemption, these notes will no longer accrue interest. Citibank will continue to evaluate opportunities for future redemptions or repurchases based on economic value and market conditions.

Positive

• Redemption of $1.75 billion in fixed rate notes and $750 million in floating rate notes enhances capital structure.
• Redemption reflects Citibank's proactive liability management strategy.

Negative

• None.

Citibank, N.A. is announcing the redemption, in whole, constituting $1,750,000,000 in aggregate principal amount, of its 3.400% Notes due July 2021 (the “FXD notes”) (ISIN: US17325FAQ19), and the redemption, in whole, constituting $750,000,000 in aggregate principal amount, of its Floating Rate Notes due July 2021 (the “FRN notes”, and together with the FXD notes, the “notes”) (ISIN: US17325FAR91).

The redemption date for the notes is June 23, 2021. The cash redemption price payable for the notes on June 23, 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.

Citi

Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi 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.

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

View source version on businesswire.com: https://www.businesswire.com/news/home/20210608006035/en/

FAQ

What is the total amount Citibank is redeeming in Notes due July 2021?

Citibank is redeeming a total of $2.5 billion, consisting of $1.75 billion in 3.400% Notes and $750 million in Floating Rate Notes.

When is the redemption date for Citibank's notes?

The redemption date for Citibank's notes is June 23, 2021.

What impact does the redemption of notes have on Citibank's interest payments?

After the redemption date, the notes will no longer be outstanding, and interest will cease to accrue.

How does Citibank's note redemption align with its financial strategy?

The redemption is part of Citibank's liability management strategy to improve funding efficiency and capital structure.