BAKU, Azerbaijan, October 31. Citibank, N.A. has announced the full redemption of $2.5 billion in notes due in 2026, including $2 billion in fixed-rate notes and $500 million in floating-rate notes.
According to the bank's announcement, the redemption date is Nov. 4, 2026.
The cash redemption price will equal the principal amount of the notes (par value), plus accrued and unpaid interest up to, but excluding, the redemption date. Interest will cease to accrue on the notes from that date.
Citibank said the redemptions are consistent with its liability management strategy and reflect ongoing efforts to improve the efficiency of its funding and capital structure.
"Citibank will continue to consider opportunities to redeem or repurchase securities, based on several factors, including without limitation, the economic value, regulatory changes, potential impact on Citibank's net interest margin and borrowing costs, the overall remaining tenor of Citibank's debt portfolio, capital impact, as well as overall market conditions," the bank noted.
Citibank, N.A. will act as the paying agent for the notes.
Citibank, N.A. is the primary U.S. banking subsidiary of Citigroup Inc., one of the largest global financial services companies. Founded in 1812 as the City Bank of New York, Citibank ranks among the top banks in the United States by assets, with approximately $2 trillion in total assets. Headquartered in New York, it provides a broad range of consumer, commercial, and institutional banking services and operates as part of Citigroup’s global network spanning more than 180 countries and jurisdictions.
