Citibank to price callable Libor inverse floater CDs tied to S&P 500

By Marisa Wong

Madison, Wis., April 20 - Citibank, NA plans to price callable Libor inverse floater certificates of deposit due May 13, 2026 linked to the S&P 500 index, according to a term sheet.

The coupon is 7% for the first year. After that, the coupon will equal the contingent floating rate for each day that the index is at or above 875. The contingent floating rate is an annual rate equal to the greater of 7% minus Libor and 3.25%. Interest is payable quarterly.

The CDs are callable on any interest payment date beginning May 13, 2012.

The payout at maturity or upon redemption is par plus accrued interest.

The CDs (Cusip: 172986CV1) will price on May 10 and settle on May 13.

Citigroup Global Markets Inc. is the agent.

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