New Issue: Citi prices $8.73 million fixed-to-floating rate notes on 10-Year U.S. Dollar SOFR ICE swap rate

By Wendy Van Sickle

Columbus, Ohio, May 5 – Citigroup Inc. priced $8.73 million of fixed-to-floating rate notes due April 29, 2032, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will pay a quarterly fixed coupon at 6% per year to but excluding April 29, 2024.

After that, it will accrue at an annual rate of 10-Year U.S. Dollar SOFR ICE swap rate plus 60 basis points, subject to a floor of zero.

The payout at maturity will be par plus any accrued interest.

Citigroup Global Markets Inc. is the agent.

Issuer:	Citigroup Inc.
Issue:	Fixed-to-floating rate notes
Amount:	$8,725,000
Maturity:	April 29, 2032
Price:	Par
Coupon:	6% annually, payable quarterly to but excluding April 29, 2024; after that, 10-Year U.S. Dollar SOFR ICE swap rate plus 60 bps with floor of 0%, payable quarterly
Payout at maturity:	Par plus any interest
Pricing date:	April 27
Settlement date:	April 29
Underwriter:	Citigroup Global Markets Inc.
Fees:	1.25%
Cusip:	17290ADV9

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