Citigroup Inc. is selling a large debt offering in the Canadian-dollar bond market for the first time in nearly a decade as US banks seek to diversify funding after reporting earnings.

The bank is marketing $1 billion of fixed-to-floating rate notes that mature in four years and can be called after three, according to people with knowledge of the matter. The deal is expected to yield 1.07 percentage point above Canadian benchmarks, after initial discussions in the 1.07-1.10 percentage point range, said the people, who asked not to be identified as they are not authorized to speak about it. The initial offer included a floating-rate tranche, which was dropped.

A spokesperson from Citigroup didn’t immediately reply to a request for comment.

The planned deal marks Citigroup’s first large public offering in Canada since 2015, according to data compiled by Bloomberg. That $600 million deal has a 4.09 per cent coupon and will mature next year. The bank sold loonie-denominated debt in small pieces in 2021 and 2023, Bloomberg-compiled data show.

Monday’s deal comes after the bank reported better-than-expected earnings more than a week ago. It would be the second maple bond offering from a large US bank in the past week, following Wells Fargo & Co.’s $1.25 billion deal that drew orders twice its size.

The two deals have emerged at a time when many Canadian companies, including banks, are going overseas to sell debt, often for better pricing. That’s led to a slowdown in supply and thirsty investors looking to deploy cash.