Citi’s $2.5 Billion Preferred Stock Offering

Cleary Gottlieb represented the underwriters, led by Citigroup Global Markets Inc., in a registered offering by Citigroup Inc. (Citi) of 2.5 million depositary shares, each representing a 1/25th interest in a share of 6.625% fixed-rate reset noncumulative perpetual preferred stock, Series HH ($25,000 liquidation preference per share).

The offering priced on December 3, 2025, and will close on December 10, 2025.

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, senior attorney Elizabeth Chang, and associate Grady Tarplee, with assistance from law clerks Jean Choi and Julian Vleeschhouwer.