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Citibank plans 20-year fixed-to-inverse-floating market-linked CDs
By Jennifer Chiou
New York, Dec. 7 - Citibank, NA plans to price callable fixed-to-inverse-floating market-linked certificates of deposit due Dec. 22, 2031, according to a term sheet.
Interest will be payable quarterly and will be equal to 7% during the first year. After that, interest will accrue at the greater of (a) 1% per year and (b) 5% minus six-month Libor. During the floating-rate period, interest will be no greater than 5% per year.
The payout at maturity will be par.
The CDs will be callable on any interest payment date at par plus accrued interest beginning on Dec. 22, 2012.
The exact terms for the CDs (Cusip: 172986FY2.) will be set at pricing on Dec. 19.
Citigroup Global Markets Inc. is the agent.
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