By Taylor Fox
New York, March 17 – Citigroup Global Markets Inc. priced $15 million of callable range accrual notes due March 10, 2036 tied to the two-year Constant Maturity Swap rate, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
Interest will accrue at a contingent annual rate of 4.25% for each day that the spread of the two-year Constant Maturity Swap rate is between 0% and 3%, payable quarterly. The accrual period is each market day from the immediately preceding coupon payment date to, but not including, the current payment date.
The notes will be callable at par on any quarterly redemption date after one year.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Global Markets Inc.
|
| Guarantor: | Citigroup Inc.
|
| Issue: | Callable range accrual notes
|
| Underlying rate: | Two-year constant maturity swap rate
|
| Amount: | $15 million
|
| Maturity: | March 10, 2036
|
| Coupon: | 4.25% annual base rate, calculated quarterly for each day that the spread of the two-year Constant Maturity Swap rate is between 0% and 3%, paid quarterly
|
| Price: | Par
|
| Payout at maturity: | Par plus any interest
|
| Call option: | At par plus any interest on any quarterly interest payment date after one year
|
| Pricing date: | March 8
|
| Settlement date: | March 10
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 1%
|
| Cusip: | 17328YRR7
|
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