Citi plans callable dual range accrual notes linked to S&P 500, Libor

By Tali Rackner

Norfolk, Va., April 21 – Citigroup Global Markets Holdings Inc. plans to price callable dual range accrual notes due April 28, 2026 linked to three-month Libor and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

The notes are guaranteed by Citigroup Inc.

Interest will accrue for each day that Libor is between 0% and 5% and the index closes at or above the 75% barrier level. Interest will be payable quarterly. The annualized interest rate will be 3% until April 28, 2018, stepping up to 4% until April 28, 2020, to 5% until April 28, 2023, then to 6% until maturity.

The payout at maturity will be par of $1,000 plus any coupon due.

The notes will be callable at par on any interest payment date beginning April 28, 2020.

Citigroup Global Markets Inc. is the underwriter.

The notes will price on April 25.

The Cusip number is 17324C2W5.

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