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Citigroup plans 10-year fixed-to-floaters linked to 10-year CMS rate
By Susanna Moon
Chicago, April 23 – Citigroup Inc. plans to price fixed-to-floating notes due April 30, 2025 linked to the 10-year Constant Maturity Swap rate, according to a 424B2 filing with the Securities and Exchange Commission.
Interest rate will be fixed at 3% for the first two years. After that, it will accrue at 103% of the 10-year CMS rate. Interest will be payable quarterly and cannot be less than zero.
The payout at maturity will be par.
The exact terms will be set at pricing.
Citigroup Global Markets Inc. is the underwriter.
The notes will price on April 27 and settle on April 30.
The Cusip number is 17298CAD0.
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