On Tuesday, Citigroup Inc. (C) sold 4-part fixed and floating-rate notes worth $5.0 billion guaranteed by the Federal Deposit Insurance Corporation (FDIC) under the Temporary Liquidity Guarantee Program (TLGP). The notes belonging to the first tranche worth $1.25 billion carry a coupon rate of 1.25% and will mature on Nov 15, 2011. The notes will pay coupons semi-annually with the first payment expected on May 15, 2010. The notes belonging to the second tranche worth $250 million carry a coupon rate of 3 basis points (bps) below the 3-month London Inter-bank Offered Rate (LIBOR) and will also mature on Nov 15, 2011. The notes will pay coupons quarterly with the first payment expected on Feb. 15, 2010. The notes belonging to the third tranche worth $1.0 million carry a coupon rate equivalent to 3-month London Inter-bank Offered Rate (LIBOR) and will mature on Nov. 15, ...

On Tuesday, Citigroup Inc. (C) sold 4-part fixed and floating-rate notes worth $5.0 billion guaranteed by the Federal Deposit Insurance Corporation (FDIC) under the Temporary Liquidity Guarantee Program (TLGP).  The notes belonging to the first tranche worth $1.25 billion carry a coupon rate of 1.25% and will mature on Nov 15, 2011. The notes will pay coupons semi-annually with the first payment expected on May 15, 2010.  The notes belonging to the second tranche worth $250 million carry a coupon rate of 3 basis points (bps) below the 3-month London Inter-bank Offered Rate (LIBOR) and will also mature on Nov 15, 2011. The notes will pay coupons quarterly with the first payment expected on Feb 15, 2010.  The notes belonging to the third tranche worth $1.0 million carry a coupon rate equivalent to 3-month London Inter-bank Offered Rate (LIBOR) and will mature on Nov 15, ...

On Thursday, Citigroup Inc. (C) sold 5-year senior notes worth $2.0 billion. The notes are not guaranteed by the Federal Deposit Insurance Corporation (FDIC). The notes, which were issued at a discounted price of $99.495, are non-callable and are expected to yield about 325 basis points over U.S. Treasuries. They carry a coupon rate of 5.5% and will mature on October 15, 2014. The notes will pay coupons semi-annually with the first payment expected on April 15, 2010. The company will use the proceeds of the debentures for general corporate purposes. Standard & Poor's (S&P) has assigned an 'A' rating to the notes, while Fitch Ratings and Moody's have assigned 'A+' and 'A3' rating to the notes, respectively. Citigroup was the sole book-running manager for the sale. The debt issue is in sharp contrast to the top-level management’s plans at Citigroup to downsize the ...

On Tuesday, two units of Citigroup Inc. (C) -- Citibank NA and Citigroup Funding Inc. -- jointly sold $5.0 billion of debt in three parts. The notes are guaranteed by the Federal Deposit Insurance Corporation (FDIC) under the Temporary Liquidity Guarantee Program (TLGP). Citibank NA plans to issue $1 billion worth of 2-year floating-rate notes issue with an expected coupon rate of about 3 basis points (bps) below the 3-month London Inter-bank Offered Rate (LIBOR), and a $1.5 billion worth of 2-year fixed-rate notes expected to yield about 32.7 bps over U.S. Treasuries. Citigroup Funding is planning to sell a 3-year fixed-rate note expected to yield about 49.4 bps over U.S. Treasuries. Citigroup was the sole book-running manager for the sale. FDIC-backed debt is cheaper to issue than normal debt because investors are willing to accept a lower interest rate associated with lower risk ...