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Citigroup plans to price non-callable fixed-to-floaters linked to CPI
By Toni Weeks
San Diego, March 3 - Citigroup Funding Inc. plans to price non-callable fixed-to-floating notes due March 24, 2021 linked to the Consumer Price Index, according to a 424B2 filing with the Securities and Exchange Commission.
The coupon will be 5% for the first year. After that, the rate will be equal to the year-over-year change in the Consumer Price Index plus 220 basis points, up to a maximum rate. The cap will be 6% to March 24, 2016, 6.5% to March 24, 2019 and 7% to March 24, 2021.
Interest is payable monthly and cannot be less than zero.
The payout at maturity will be par.
The underwriter is Citigroup Global Markets Inc.
The notes (Cusip: 1730T0LX5) are expected to price and settle in March.
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