Published on 4/19/2013 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $7 million fixed-to-floating notes with 3% initial rate
By Jennifer Chiou
New York, April 19 - Citigroup Inc. priced $7 million of fixed-to-floating notes due April 22, 2023, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be 3% until Oct. 22, 2014. After that, it will be Libor plus 85 basis points, subject to a maximum rate of 6.25%. Interest is payable quarterly.
The payout at maturity will be par.
Citigroup Global Markets Inc. is the underwriter.
Issuer: | Citigroup Inc.
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Issue: | Fixed-to-floating notes
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Amount: | $7 million
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Maturity: | April 22, 2023
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Coupon: | Initially 3%; beginning on Oct. 22, 2014, Libor plus 85 bps, subject to maximum rate of 6.25%; payable quarterly
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Price: | Par
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Payout at maturity: | Par
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Pricing date: | April 17
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Settlement date: | April 22
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Underwriter: | Citigroup Global Markets Inc.
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Fees: | 1.25%
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Cusip: | 1730T0SX8
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