Citigroup to price callable step-up notes with 3.1% initial rate

By Sarah Lizee

Olympia, Wash., March 14 – Citigroup Inc. plans to price callable step-up coupon notes due March 29, 2025, according to a 424B2 filing with the Securities and Exchange Commission.

Interest will be 3.1% initially, stepping up to 3.5% in March 2021, to 4% in March 2022, to 5% in September 2023, to 6% in March 2024 and to 7% in September 2024. Interest will be payable semiannually.

The payout at maturity will be par.

The notes will be callable in whole at par on any quarterly date beginning on March 29, 2021.

Citigroup Global Markets Inc. is the underwriter.

The notes are expected to price on March 27 and settle two business days later.

The Cusip number is 17298CFZ6.

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