By Angela McDaniels
Tacoma, Wash., Aug. 28 – Citigroup Inc. priced $5.05 million of leveraged callable CMS curve-linked notes due Aug. 31, 2035, according to a 424B2 filing with the Securities and Exchange Commission.
The coupon is 10% for the first year. After that, it will be four times the modified CMS reference spread, subject to a minimum rate of zero and a maximum rate of 10% per year. Interest is payable quarterly.
The modified CMS reference spread is the 30-year Constant Maturity Swap rate minus the two-year CMS rate minus 25 basis points.
The payout at maturity will be par.
Beginning Aug. 31, 2016, the notes will be callable at par on any coupon payment date.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Inc.
|
| Issue: | Leveraged callable CMS curve-linked notes
|
| Underlying rates: | 30-year and two-year Constant Maturity Swap rates
|
| Amount: | $5,045,000
|
| Maturity: | Aug. 31, 2035
|
| Coupon: | 10% for first year; after that, four times modified CMS reference spread, subject to minimum rate of zero and maximum rate of 10% per year; payable quarterly
|
| Reference spread: | 30-year CMS rate minus two-year CMS rate minus 25 bps
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Call option: | At par on any coupon payment date from Aug. 31, 2016 onward
|
| Pricing date: | Aug. 26
|
| Settlement date: | Aug. 31
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 3.5%
|
| Cusip: | 1730T3AW3
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
