Citigroup to Redeem Notes Worth $2 Billion Due in 2023
This article was originally published on TipRanks.com
Investment banking and financial services major Citigroup Inc. (NYSE:C) recently revealed that it will redeem its 3.142% Fixed/Floating Rate Notes due 2023, amounting $2 billion, on January 24, 2022.
The move is in line with the company’s liability management strategy and its efforts to streamline its capital structure and ensure efficient funding.
Notably, the cash redemption price payable for the notes on the redemption date will equal par plus accrued and unpaid interest.
Recently, Societe Generale analyst Andrew T Lim reiterated a Buy rating on the stock. The analyst, however, lowered the price target from $85 to $72, which implies upside potential of 9.5% from current levels.
Wall Street’s Top Analysts have awarded Citi a Moderate Buy consensus rating based on 8 Buys and 7 Holds. The average Citi price target of $79.59 implies upside potential of 21% from current levels. Shares have declined 1% over the past year.
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