Citibank to redeem $2.5 billion in notes due 2026

Citibank has announced plans to redeem $2.5 billion worth of notes maturing in 2026, as disclosed in a press release. On November 4, 2026, $2 billion of its 5.488% Notes due that year, and $500 million of its Floating Rate Notes due 2026, will be redeemed. The redemption price will be equal to the par value, plus all accrued and unpaid interest up to but not including the redemption date. From the redemption date forward, interest will no longer accrue on the notes in question.

The bank cites its liability management strategy and efforts to improve the efficiency of its funding and capital structure as the rationale behind these redemptions. Citibank plans to continue assessing opportunities for redeeming or repurchasing securities, taking into account a range of factors. These include economic value, regulatory changes, potential effects on net interest margin and borrowing costs, the remaining duration of the bank's debt portfolio, capital impact, and prevailing market conditions.

Citibank, N.A. is designated as the paying agent for the notes in question.