By Toni Weeks
San Luis Obispo, Calif., June 10 - Citigroup Inc. priced $25 million of callable leveraged CMS spread notes due June 11, 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 9.125% 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 25 basis points, up to a maximum interest rate of 9.125% 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 two 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: | $25 million
|
| Maturity: | June 11, 2033
|
| Coupon: | 9.125% for first year; after that, four times CMS spread less 25 bps, capped at 9.125% and floor of zero; payable quarterly
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Call option: | At par on any interest payment date beginning on June 11, 2015
|
| Pricing date: | June 6
|
| Settlement date: | June 11
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 3.02%
|
| Cusip: | 1730T0TQ2
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
