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Citibank Taps Bond Market for First Bank-Level Deal Since 2019

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(Bloomberg) -- Citibank NA is tapping the investment-grade bond market Tuesday with its first bank-level debt offering in four years as deposits recede from their pandemic-era highs.

The New York-based bank, the operating company of Citigroup Inc. which offers saving accounts, credit cards and mortgages, is looking to sell fixed- and floating-rate notes in as many as three parts, according to a person familiar with the matter. The longest portion, a five-year fixed-rate tranche, may yield 1.18 percentage points over Treasuries after earlier discussions for about 1.4 percentage points, said the person, who asked not to be identified as the details are private.

“As that Covid-era funding mix shifts back toward normal, driven by declining deposits on the back of monetary policy, we would expect incremental debt funding at the OpCo level,” he said. Citibank’s transaction follows others by Bank of America Corp., Morgan Stanley and Wells Fargo & Co., which sold bank-level bonds in recent months.

Citibank NA was last in the market in May 2019, according to data compiled by Bloomberg, when the company raised $3 billion. The new deal is part of a revival of corporate bond sales that saw multiple companies stand down during some trading sessions following the Federal Reserve’s hawkish pause on Wednesday. Citibank joins Canadian Imperial Bank of Commerce, Australia & New Zealand Banking Group Ltd., and Credit Agricole SA so far this week.--With assistance from Michael Gambale and Andrew Kostic.

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