Published on 4/28/2014 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $8 million callable step-up coupon notes with 1.5% initial rate
By Toni Weeks
San Luis Obispo, Calif., April 28 - Citigroup Inc. priced $8 million of callable step-up coupon notes due April 29, 2019, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate will be 1.5% initially, stepping up to 1.75% on April 29, 2015, to 2% on April 29, 2016, to 3% on April 29, 2017 and to 4% on April 29, 2018. Interest will be payable quarterly.
The payout at maturity will be par.
Beginning on April 29, 2015, the notes will be callable at par on any interest payment date.
Citigroup Global Markets Inc. is the underwriter.
Issuer: | Citigroup Inc.
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Issue: | Callable step-up coupon notes
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Amount: | $8 million
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Maturity: | April 29, 2019
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Coupon: | 1.5% initially, stepping up to 1.75% on April 29, 2015, to 2% on April 29, 2016, to 3% on April 29, 2017 and to 4% on April 29, 2018; payable quarterly
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Price: | Par
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Payout at maturity: | Par
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Call option: | At par on interest payment dates starting on April 29, 2015
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Pricing date: | April 24
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Settlement date: | April 29
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Underwriter: | Citigroup Global Markets Inc.
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Fees: | 0.5%
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Cusip: | 1730T0P37
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