By William Gullotti
Buffalo, N.Y., Dec. 21 – Citigroup Global Markets Holdings Inc. priced $1.29 million of callable fixed-to-floating leveraged SOFR CMS spread notes due Dec. 19, 2025, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be guaranteed by Citigroup Inc.
The coupon will be 8% for the first year. After that, it will be 10 times the CMS spread, subject to a minimum rate of 0%. The CMS spread is the 10-year U.S. Dollar SOFR ICE swap rate minus the two-year U.S. Dollar SOFR ICE swap rate. Interest will be payable quarterly.
Beginning Dec. 19, 2023, the notes will be callable at par on any coupon payment date.
The payout at maturity will be par.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Global Markets Holdings Inc.
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| Guarantor: | Citigroup Inc.
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| Issue: | Callable fixed-to-floating leveraged SOFR CMS spread notes
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| Amount: | $1.29 million
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| Maturity: | Dec. 19, 2025
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| Coupon: | 8% for the first year; after that, 10 times the spread, subject to a minimum rate of 0%; spread is 10-year U.S. Dollar SOFR ICE swap rate minus two-year U.S. Dollar SOFR ICE swap rate; payable quarterly
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| Price: | Par
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| Payout at maturity: | Par
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| Call option: | Beginning Dec. 19, 2023, at par on any coupon payment date
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| Pricing date: | Dec. 15
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| Settlement date: | Dec. 19
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 1%
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| Cusip: | 17330YQZ6
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