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Citigroup to price range accrual notes due 2028 linked to S&P 500
By Susanna Moon
Chicago, March 7 - Citigroup Inc. plans to price callable range accrual notes due March 22, 2028 linked to six-month Libor and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will accrue at 6% for each day that six-month Libor is 6% or less and the index closes above the accrual barrier level, which will be 70% of the initial index level. 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 beginning March 22, 2014.
Citigroup Global Markets Inc. is the underwriter.
The notes will price on March 19 and settle on March 22.
The Cusip number is 06741TQP5.
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