Citi’s $1 Billion Preferred Stock Offering

Cleary Gottlieb represented the underwriters, led by Citigroup Global Markets Inc., in a registered offering by Citigroup Inc. (Citi) of 1 million depositary shares, each representing a 1/25th interest in a share of 6.5% fixed-rate reset noncumulative perpetual preferred stock, Series JJ ($25,000 liquidation preference per share).

The offering priced on February 5, 2026, and will close on February 12, 2026.

Citi, a global diversified financial services holding company, provides a broad range of financial products and services to consumers, corporations, governments, and institutions. Citi does business in nearly 160 countries and jurisdictions.

The Cleary team included partner Jeff Karpf, counsel Elizabeth Chang, associates Grady Tarplee and Julian Vleeschhouwer, and law clerk Jean Choi.