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Citigroup to price fixed-to-float trigger notes linked to Russell 2000
By Angela McDaniels
Tacoma, Wash., Sept. 6 - Citigroup Inc. plans to price fixed-to-float trigger securities due Sept. 29, 2020 linked to the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate will be at least 3.65% for the first three years. Beginning Sept. 29, 2016, the interest rate will be Libor plus 270 basis points. Interest will be payable quarterly. The exact initial interest rate will be set at pricing.
If the final index level is greater than or equal to the trigger level, 65% of the initial index level, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% that the final index level is less than the initial index level.
Citigroup Global Markets Inc. is the underwriter. Morgan Stanley Smith Barney LLC is a dealer.
The notes are expected to price Sept. 24.
The Cusip number is 1730T0VE6.
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