Citigroup to price 10-year callable leveraged CMS spread notes

By Susanna Moon

Chicago, Oct. 1 - Citigroup Inc. plans to price callable leveraged CMS spread notes due Oct. 8, 2023 linked to the 30-year Constant Maturity Swap Rate and the five-year CMS rate, according to a 424B2 filing with the Securities and Exchange Commission.

Interest will be fixed at 7.75% for the first year. After that, it will be 4 times the spread of the 30-year CMS rate minus the five-year CMS rate less 25 bps, up to a maximum interest rate of 7.75%. Interest will be payable quarterly and cannot be less than zero.

The payout at maturity will be par.

The notes will be callable at par on any interest payment date after one year.

Citigroup Global Markets Inc. is the underwriter.

The notes will price on Oct. 3.

The Cusip number is 1730T0VK2.

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