By Jennifer Chiou
New York, April 29 - Citigroup Inc. priced $8 million of callable leveraged CMS spread notes due April 29, 2033 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 10% for the first year. After that, it will be four times the spread of the 30-year CMS rate over the five-year CMS rate minus 50 basis points, up to a maximum interest rate of 10% per year. Interest is payable quarterly and cannot be less than zero.
The payout at maturity will be par.
The notes are callable at par plus accrued interest on any interest payment date after five years.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Inc..
|
| Issue: | Callable leveraged CMS spread notes
|
| Underlying rates: | 30-year Constant Maturity Swap and five-year CMS rate
|
| Amount: | $8 million
|
| Maturity: | April 29, 2033
|
| Coupon: | 10% for first year; after that, four times CMS spread less 50 bps, capped at 10% and floor of zero; payable quarterly
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Call option: | At par on any interest payment date beginning on April 29, 2018
|
| Pricing date: | April 24
|
| Settlement date: | April 29
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 5%
|
| Cusip: | 1730T0SM2
|
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