Correction: Citibank plans callable range accrual CDs tied to S&P 500

The July 2 edition of Prospect News Structured Products Daily misstated the issuer's name in the offering of callable Libor and S&P 500 index-linked range accrual certificates of deposit. A corrected version of the story follows.

By Susanna Moon

Chicago, July 11 - Citibank, NA plans to price callable Libor and S&P 500 index-linked range accrual certificates of deposit due July 30, 2032, according to a term sheet.

Interest will accrue at an annualized rate for each day that Libor is 5% or less and the index closes at or above 80% of the initial level. The rate will be 4% initially, stepping up to 5% on July 30, 2017, to 6% on July 30, 2022 and to 7% on July 30, 2027. Interest will be payable quarterly.

Citigroup Global Markets Inc. is the agent. Incapital LLC is the distributor.

The CDs will price on July 25 and settle on July 30.

The Cusip is 172986LQ2.

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