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Citigroup Raises $1.75 Billion With Offering of Five-Year Bonds

Sept. 19 (Bloomberg) -- Citigroup Inc. issued $1.75 billion in five-year notes in the U.S. as the extra yield investors demand to own financial-company bonds declined.

The third-biggest U.S. bank by assets sold the 2.5 percent senior unsecured securities to yield 112 basis points more than similar-maturity Treasuries, according to data compiled by Bloomberg.

The bonds are expected to be rated Baa2 by Moody’s Investors Service, the second-lowest level of investment grade, according to a person familiar with the offering, who asked not to be identified, citing lack of authorization to speak publicly. The New-York based lender managed the deal.

Companies in the U.S. sold or plan to sell $14.9 billion of debt today, bringing offerings for the week to $32.2 billion, Bloomberg data show. Sales are down from last week’s $90.6 billion, the busiest week ever for dollar offerings, after Verizon Communication Inc.’s record $49 billion deal. The offerings compare with a weekly average of $29.7 billion.

Today’s sales followed the biggest one-day drop in yields in more than two months, sparked by the Federal Reserve’s unexpected decision yesterday to maintain its $85 billion pace of monthly bond buying. Yields on debt from the most creditworthy to the riskiest U.S. companies declined to 4.12 percent yesterday from 4.21 percent on Sept. 17, the biggest decrease since a 10 basis-point drop on July 11, Bank of America Merrill Lynch index data show.

Relative yields on senior bonds of financial companies fell 6.4 basis points today to 107.8 basis points more than benchmarks, Bloomberg data show.

JPMorgan Chase & Co. and Bank of America Corp. are the two largest U.S. banks by assets.

To contact the reporter on this story: Callie Bost in New York at

To contact the editor responsible for this story: Alan Goldstein at

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