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.

Analyst Ratings

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.

Download the TipRanks mobile app now.

Related News:
Viatris Bumps up Quarterly Dividend by 9%
ATS Buys System Integrator HSG Engineering
Nikola Signs LOI with Saia; Shares Soar Above 9%

Stay Ahead of Everyone Else

Get The Latest Stock News Alerts