Citi to price 10-year callable step-up notes with 2.75%-3% initial rate

By Marisa Wong

Morgantown, W.Va., July 24 – Citigroup Global Markets Holdings Inc. plans to price callable step-up coupon notes due July 28, 2027, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will be guaranteed by Citigroup Inc.

Interest will be 2.75% to 3% initially, stepping up to 3.5% to 3.75% in July 2022, to 4% to 4.25% in July 2024 and to 5% to 5.25% in July 2026. Interest will be payable semiannually. The exact rates will be set at pricing.

The payout at maturity will be par.

The notes will be callable at par on any quarterly redemption date after five years.

Citigroup Global Markets Inc. is the underwriter.

The notes will price July 25.

The Cusip number is 17290JDN8.

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