Citigroup Announces $2.0 Billion Redemption of 3.142% Fixed Rate / Floating Rate Notes due 2023

Rhea-AI Summary

Citigroup Inc. has announced the redemption of $2 billion of its 3.142% Fixed Rate/Floating Rate Notes due 2023. The redemption date is set for January 24, 2022, where the cash price will equal par plus accrued interest. This action aligns with Citigroup's liability management strategy aimed at enhancing funding efficiency and capital structure. The bank remains open to further redemptions or repurchases based on various economic and regulatory factors, indicating a proactive stance in managing its debt portfolio.

Positive

• Redemption of $2 billion in notes reflects effective liability management.
• Action supports enhanced funding efficiency and improved capital structure.
• Proactive approach to managing debt portfolio amid changing market conditions.

Negative

• None.

NEW YORK--(BUSINESS WIRE)-- Citigroup Inc. is announcing the redemption, in whole, constituting $2,000,000,000 of its 3.142% Fixed Rate / Floating Rate Notes due 2023 (the “notes”) (ISIN: US172967LV16).

The redemption date for the notes is January 24, 2022 (the “redemption date”). The cash redemption price payable for the notes on the redemption date will equal par plus accrued and unpaid interest.

The redemption announced today is consistent with Citigroup's liability management strategy and reflects its ongoing efforts to enhance the efficiency of its funding and capital structure. Citigroup 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 Citigroup's net interest margin and borrowing costs, the overall remaining tenor of Citigroup'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. For further information on the notes, please see the related final terms at the following web address: https://www.citigroup.com/citi/fixedincome/data/526669ACL.PDF

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/20220107005408/en/

Media:

Danielle Romero-Apsilos (212) 816-2264

Investors:

Jennifer Landis (212) 559-2718

Fixed Income Investors:

Thomas Rogers (212) 559-5091

Source: Citigroup Inc.

FAQ

What amount is Citigroup redeeming from its Fixed Rate/Floating Rate Notes?

Citigroup is redeeming $2 billion of its 3.142% Fixed Rate/Floating Rate Notes due 2023.

When is the redemption date for Citigroup's notes?

The redemption date for Citigroup's notes is January 24, 2022.

What is the purpose of Citigroup's note redemption?

The note redemption is part of Citigroup's liability management strategy to enhance the efficiency of its funding and capital structure.

What will happen to the notes after the redemption date?

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