Citi plans 15-year callable dual range accrual notes linked to S&P 500

By Susanna Moon

Chicago, Feb. 12 – Citigroup Inc. plans to price callable dual range accrual notes due Feb. 27, 2030 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

Interest will accrue at a rate for each day that the index closes at or above the 75% barrier level and the spread of the 30-year Constant Maturity Swap rate minus the two-year CMS rate is at least zero. Interest will be payable quarterly.

The contingent rate will be 5% for the first five years, stepping up to 6% on Feb. 27, 2020 and to 7% on Feb. 27, 2025.

The payout at maturity will be par.

The notes are callable on any coupon payment date after one year.

Citigroup Global Markets Inc. is the underwriter.

The notes will price on Feb. 24.

The Cusip number is 1730T04T3.

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