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Citigroup to price fixed-to-floating notes linked to 10-year CMS rate
By Angela McDaniels
Tacoma, Wash., May 5 – Citigroup Inc. plans to price fixed-to-floating-rate notes due May 27, 2025 linked to the 10-year Constant Maturity Swap rate, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be payable quarterly. The interest rate will be fixed for the first three years. The fixed rate is expected to be 3.5% to 3.75%. Beginning in May 2018, the interest rate will be 100% to 105% of the 10-year CMS rate. The exact fixed rate and multiplier will be set at pricing.
The payout at maturity will be par.
Citigroup Global Markets Inc. is the underwriter.
The notes will price May 21.
The Cusip number is 17298CAT5.
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