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Citigroup plans 10-year fixed-to-floaters tied to 10-year CMS rate
By Marisa Wong
Madison, Wis., April 17 – Citigroup Inc. plans to price fixed-to-floating notes due April 27, 2025 linked to the 10-year Constant Maturity Swap rate, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate will be fixed at 3.5% to 3.75% for the first three years. Beginning on April 27, 2018, it will be 100% to 105% of the 10-year CMS rate, subject to a minimum interest rate of zero. Interest will be payable quarterly.
The payout at maturity will be par.
The exact terms will be set at pricing.
Citigroup Global Markets Inc. is the underwriter.
The notes are expected to price on April 22 and settle on April 27.
The Cusip number is 1730T07D5.
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