Citigroup plans fixed-to-floating notes due 2018 with 1.6% initial rate

By Jennifer Chiou

New York, May 21 - Citigroup Inc. plans to price non-callable fixed-to-floating notes due May 2018, according to a 424B2 filing with the Securities and Exchange Commission.

Interest will be at least 1.6% until May 31, 2014. After that, it will be Libor plus a spread of at least 40 basis points, up to a maximum rate of 5%. Interest is payable quarterly.

The payout at maturity will be par.

The notes (Cusip: 1730T0TM1) are expected to price on May 28.

Citigroup Global Markets Inc. will be the underwriter.

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