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Citigroup to price protected callable leveraged CMS spread notes
By Jennifer Chiou
New York, May 7 - Citigroup Funding Inc. plans to price principal-protected callable leveraged Constant Maturity Swap (CMS) spread notes due 2022, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will bear interest at between 9% and 11%, with the exact percentage to be determined on the pricing date, for the first two years. Thereafter, the notes will bear interest at the specified rate on the proportion of days on which 50 times the difference between the 30-year CMS rate and the 10-year CMS rate is greater than 0%.
Interest is payable quarterly.
The notes will be callable in whole on any interest payment date beginning two years after the issue date.
Payout at maturity is par plus accrued interest.
Citigroup Global Markets Inc. will be the agent.
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