Citigroup to Redeem $3.3 Bn Worth of Notes due 2021

Citigroup Inc. has announced the redemption of its 2.900 percent Notes due 2021 (the "FXD notes") (ISIN: US172967LC35), totaling $2,550,000,000, and the redemption of its Floating Rate Notes due 2021 (the "FRN notes"), totaling $750,000,000 in aggregate principal amount. (ISIN: US172967LB51).

November 8, 2021 is set to be the date to redeem the two types of notes mentioned above. The redemption price will be equal to par plus accrued and unpaid interest on the redemption date.

The redemptions announced this time are in line with Citigroup's liability management strategy and reflect the company's continued efforts to make its funding and capital structure more efficient. Citigroup will continue to evaluate opportunities to redeem or repurchase securities, taking into account a variety of factors such as economic value, regulatory changes, potential impact on Citigroup's net interest margin and borrowing costs, the overall remaining tenor of Citigroup's debt portfolio, capital impact, and overall market conditions.

The notes will no longer be outstanding after the redemption date, and no interest will be paid on such instruments.

As Fazzaco reported earlier, Citigroup recently released its financial metrics for the third quarter of 2021​, revealing that its net income across the firm enjoyed a good growth of YoY 48%, at $4.6 billion.