Citigroup Announces €1.0 Billion Redemption of 0.500% Fixed Rate Notes due 2022

Rhea-AI Summary

Citigroup Inc. has announced the complete redemption of €1,000,000,000 of its 0.500% Fixed Rate Notes due December 29, 2021. The redemption aligns with Citigroup's liability management strategy aimed at enhancing funding and capital efficiency. Investors will receive the cash redemption price, which includes par plus accrued interest. Post-redemption, these notes will cease to exist, and interest will no longer accrue. Citigroup remains open to future redemptions based on various financial factors.

Positive

• Redemption of €1 billion in notes enhances capital efficiency.
• Strategic move aligns with liability management efforts.

Negative

• None.

NEW YORK--(BUSINESS WIRE)-- Citigroup Inc. is announcing the redemption, in whole, constituting €1,000,000,000 of its 0.500% Fixed Rate Notes due 2022 (the “notes”) (ISIN: XS1939355753).

The redemption date for the notes is December 29, 2021 (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. and Banque Internationale à Luxembourg, société anonyme are the paying agents 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/docs/200129a.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/20211214005232/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 is Citigroup's recent press release about?

Citigroup announced the full redemption of €1 billion Fixed Rate Notes due December 29, 2021.

When will Citigroup redeem its €1 billion Fixed Rate Notes?

The redemption will occur on December 29, 2021.

What will happen to the notes after the redemption date?

The notes will no longer be outstanding and will stop accruing interest after the redemption date.

How does this redemption fit into Citigroup's strategy?

This redemption is part of Citigroup's liability management strategy to improve funding and capital efficiency.

What is the cash redemption price for the notes?

The cash redemption price will be equal to par plus accrued and unpaid interest.