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Citigroup to price five-year fixed-to-floaters with 2% initial rate
By Marisa Wong
Morgantown, W.Va., Aug. 14 – Citigroup Inc. plans to price fixed-to-floating notes due Aug. 18, 2022, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be 2% for the first three years. After that, the rate will be Libor plus 100 basis points. Interest will be payable quarterly and cannot be less than zero.
The payout at maturity will be par.
Citigroup Global Markets Inc. is the agent.
The notes will price on Aug. 15.
The Cusip number is 17298CFH6.
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