Citi’s Inaugural $1.5 Billion Green Bond Offering

Cleary Gottlieb represented the underwriters, led by Citigroup Global Markets Inc., in the first U.S. dollar, SEC-registered green bond offering of $1.5 billion of 1.678% fixed-rate/floating-rate callable senior notes due 2024, to be issued by Citigroup Inc. (Citi) on May 14, 2020.

The securities were offered for sale in the United States, Europe, Asia, and elsewhere. Cleary also represented the managers in Citi’s first euro green bond offering in 2019 issued off its EMTN program.

The interest payment calculation during the floating rate period beginning May 15, 2023, will be based on the Secured Overnight Funding Rate (SOFR) compounded daily over each quarterly interest period. SOFR is the rate proposed to replace LIBOR in the capital markets.

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