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Citigroup plans 12-year fixed-to-floaters linked to 10-year CMS rate
By Susanna Moon
Chicago, Aug. 15 – Citigroup Global Markets Holdings Inc. plans to price fixed-to-floating notes due Aug. 25, 2029 linked to the 10-year Constant Maturity Swap rate, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be 4% for the first two years. After that, the rate will be equal to the 10-year CMS rate plus a spread of 15 basis points. Interest will be payable quarterly and cannot be less than zero.
The payout at maturity will be par.
The notes will be guaranteed by Citigroup Inc.
Citigroup Global Markets Inc. is the agent.
The notes will price on Aug. 22.
The Cusip number is 17324CLU8.
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