Citi’s $3.2 Billion Offering

Cleary Gottlieb represented the underwriters, led by Citigroup Global Markets Inc., in a registered offering of $3.2 billion aggregate principal amount of 6.174% fixed-rate/floating-rate subordinated notes due 2034, to be issued on May 25, 2023.

This is the first time Citi has issued subordinated debt since 2018.

Citi, a global diversified financial services holding company, provides a broad range of financial products and services to consumers, corporations, governments, and institutions. Citi has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions.