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Citibank plans callable fixed-to-inverse-floating CDs due 2033
By Marisa Wong
Madison, Wis., May 1 - Citibank, NA plans to price callable fixed-to-inverse-floating certificates of deposit due May 30, 2033, according to a term sheet.
The coupon will be 6% for the first year. After that, it will accrue at (i) 1.15 times (ii) the reference rate minus six-month Libor, subject to a floor of 0%. The reference rate will be 4.25% from May 30, 2014 up to but excluding May 30, 2023 and 5% from May 30, 2023 to maturity. Interest is payable quarterly.
The payout at maturity will be par.
The CDs will be callable at par on any interest payment date beginning May 30, 2014.
Citigroup Global Markets is the agent.
The CDs will price on May 24 and settle on May 30.
The Cusip number is 172986GK1.
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