Commentary & Deal Flow

***Corrects Spread and IPT-PXD

Reoffer: 4NC3: MS+70bp / 100 / 4.135% 7NC6: MS+100bp / 100 / 4.462%
Benchmark: 4NC3: OBL 2 ½ 11-Oct-29 @ B+97.7bp 7NC6: DBR 1.7 15-Aug-32 @ B+121bp

Launched: 4NC3: €1.5bn @ MS+70bp 7NC6: €1.25bn @ MS+100bp
IPTs: 4NC3: MS+95a 7NC6: MS+125a

• Issuer: Citigroup Inc.
• LEI: 6SHGI4ZSSLCXXQSBB395
• Ratings: A3/BBB+/A (Stable/Stable/Positive)
• Ranking: Senior Unsecured
• Format/Listing: SEC-registered / Luxembourg
• Size:
  • 4NC3: €1.5bn
  • 7NC6: €1.25bn
• Trade Date: 19-Oct-26
• Settlement: 26-Oct-26 (T+5)
• Tenor:
  • 4NC3: 4NC3 FXD-FRN
  • 7NC6: 7NC6 FXD-FRN
• Optional Redemption:
  • 4NC3: 26-Oct-29
  • 7NC6: 26-Oct-32
• Maturity:
  • 4NC3: 26-Oct-30
  • 7NC6: 26-Oct-33
• Make Whole Call:
  • 4NC3: From 26-Apr-27 to 26-Oct-29
  • 7NC6: From 26-Apr-27 to 26-Oct-32
• Par Call:
  • 4NC3: From 26-Sep-30 to 26-Oct-30
  • 7NC6: From 26-Sep-33 to 26-Oct-33
• Reoffer:
  • 4NC3: MS+70bp / 100 / 4.135%
  • 7NC6: MS+100bp / 100 / 4.462%
• Benchmark:
  • 4NC3: OBL 2 ½ 11-Oct-29 @ B+97.7bp
  • 7NC6: DBR 1.7 15-Aug-32 @ B+121bp
• Coupon:
  • 4NC3: 4.135% (Fixed, Annual, Act/Act (ICMA))
  • 7NC6: 4.462% (Fixed, Annual, Act/Act (ICMA))
• Coupon after Opt Red.: Floating, Quarterly, Act/360
• Denominations: €100k + €1k
• Documentation: Issuer’s Registration Statement on Form S-3 No. 333-293732 filed with the U.S. Securities and Exchange Commission
• Selling Restrictions: As per the Preliminary Prospectus Supplement. No Sales into Italy, Belgium, Sweden, Slovakia, Poland, and Liechtenstein.
• Target Market: Manufacturer target market (MIFID II and UK MIFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EEA PRIIPs Key Information Document (KID) or UK PRIIPs KID/CCI product summary has been prepared as not available to retail in EEA or the UK.
• Governing Law: State of New York
• Bookrunner: Citigroup
• ISIN:
  • 4NC3: XS3548789844
  • 7NC6: XS3548578718
• Schedule: Books open, today's business