Citi’s $3 Billion Bond Offering

February 17, 2022

Cleary Gottlieb represented the underwriters, led by Citigroup Global Markets Inc., in registered offerings by Citigroup Inc. (Citi) of $2.5 billion of fixed-rate/floating-rate bonds due 2028 and $500 million of floating-rate bonds due 2028, all to be issued on February 18, 2022.

The securities were offered for sale in the United States, Europe, Asia, and elsewhere. The floating rate for the interest payment calculation for the notes will be based on the secured overnight funding rate (SOFR) compounded daily over each quarterly interest period. SOFR is the rate that is replacing LIBOR in the capital markets.