Citi eyes 10-year non-callable fixed-to-floaters with 3.1% start rate

By Wendy Van Sickle

Columbus, Ohio, Feb. 14 – Citigroup Global Markets Holdings Inc. plans to price non-callable fixed-to-floating notes due Feb. 24, 2027, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will be guaranteed by Citigroup Inc.

The interest rate will be fixed at 3.1% for the first two years. After that, the interest rate will equal Libor plus 150 basis points, subject to a maximum rate of 6.5% a year and a floor of zero. Interest will be payable quarterly.

The payout at maturity will be par.

Citigroup Global Markets Inc. and UBS Financial Services Inc. are the underwriters.

The notes will price Feb. 21.

The Cusip number is 17324CF84.

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