Citigroup raises $12 billion in record dollar bond sale

Citigroup raised $12 billion on 18 September in the largest dollar debt sale in the bank's history. The final amount exceeded its initial planned minimum target of $10 billion after drawing strong market demand.

The transaction was structured in four parts, with maturities ranging from three years for the shortest tranche to 11 years for the longest tranche. Peak investor demand reached $40 billion, resulting in an oversubscription ratio of 3.3 times the final offering size.

The bank accessed the debt market alongside other major lenders as the average credit spread for US investment-grade corporate bonds stood at 77 basis points. In the same issuance window, competitor Wells Fargo sought a minimum bond volume of $5 billion.