By Marisa Wong
Madison, Wis., June 26 – Citigroup Inc. priced $2 million of fixed-to-floating-rate notes due June 29, 2025 linked to the 10-year Constant Maturity Swap rate, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate is 3% for the first three years. After that, the interest rate will be equal to the 10-year CMS rate, subject to a floor of zero. Interest is payable quarterly.
The payout at maturity will be par.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Inc.
|
| Issue: | Fixed-to-floating-rate notes
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| Underlying rate: | 10-year Constant Maturity Swap rate
|
| Amount: | $2 million
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| Maturity: | June 29, 2025
|
| Coupon: | 3% for first three years; after that, 10-year CMS rate, subject to floor of 0%; payable quarterly
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Pricing date: | June 24
|
| Settlement date: | June 29
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 1.5%
|
| Cusip: | 17298CBZ0
|
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