By Andrea Heisinger
New York, Sept. 29 - Citibank NA and Citigroup Funding Inc. priced a combined $5 billion of notes (Aaa/AAA/) in four tranches backed by the Federal Deposit Insurance Corp. on Tuesday, an informed source said.
A $1.25 billion tranche of 1.25% two-year notes priced at 99.796 to yield 1.348% with a spread of Treasuries plus 35.2 basis points.
A $250 million tranche of two-year floating-rate notes priced at par to yield three-month Libor minus 3 bps.
A $1 billion tranche of three-year floaters priced at par to yield three-month Libor flat.
Citibank NA was the issuer for the first three tranches.
The final tranche was by Citigroup Funding for $2.5 billion of 1.875% three-year notes priced at 99.828 to yield 1.932%, or Treasuries plus 46.5 bps.
The notes are all non-callable.
Citigroup Global Markets Inc. was the bookrunner.
The financial services company is based in New York City.
| Issuer: | Citibank NA and Citigroup Funding Inc.
|
| Guarantor: | Federal Deposit Insurance Corp.
|
| Issue: | FDIC-backed notes
|
| Total amount: | $5 billion
|
| Bookrunner: | Citigroup Global Markets Inc.
|
| Trade date: | Sept. 29
|
| Settlement date: | Oct. 6
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
|
|
| Two-year fixed-rate notes
|
| Issuer: | Citibank NA
|
| Amount: | $1.25 billion
|
| Maturity: | Nov. 15, 2011
|
| Coupon: | 1.25%
|
| Price: | 99.796
|
| Yield: | 1.348%
|
| Spread: | Treasuries plus 35.2 bps
|
| Call: | Non-callable
|
|
|
| Two-year floaters
|
| Issuer: | Citibank NA
|
| Amount: | $250 million
|
| Maturity: | Nov. 15, 2011
|
| Coupon: | Three-month Libor minus 3 bps
|
| Price: | Par
|
| Yield: | Three-month Libor minus 3 bps
|
| Call: | Non-callable
|
|
|
| Three-year fixed-rate notes
|
| Issuer: | Citigroup Funding Inc.
|
| Amount: | $2.5 billion
|
| Maturity: | Nov. 15, 2012
|
| Coupon: | 1.875%
|
| Price: | 99.828
|
| Yield: | 1.932%
|
| Spread: | Treasuries plus 46.5 bps
|
| Call: | Non-callable
|
|
|
| Three-year floaters
|
| Issuer: | Citibank NA
|
| Amount: | $1 billion
|
| Maturity: | Nov. 15, 2012
|
| Coupon: | Three-month Libor flat
|
| Price: | Par
|
| Yield: | Three-month Libor flat
|
| Call: | Non-callable
|
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