By Sarah Lizee
Olympia, Wash., March 28 – Citigroup Global Markets Holdings Inc. priced $2 million of fixed-to-floating notes due March 29, 2038 linked to the leveraged difference between the 30-year Constant Maturity Swap rate and the two-year Constant Maturity Swap rate, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be 9.5% for the first two years. After that, the rate will be equal to 10 times the spread of the 30-year CMS rate over the two-year CMS rate, subject to a maximum rate of 10%. Interest will be payable quarterly and cannot be less than zero.
The payout at maturity will be par.
The notes are callable quarterly in whole at par beginning March 29, 2020.
The notes are guaranteed by Citigroup Inc.
Citigroup Global Markets Inc. is the agent.
| Issuer: | Citigroup Global Markets Holdings Inc.
|
| Guarantor: | Citigroup Inc.
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| Issue: | Fixed-to-floating notes
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| Underlying rates: | 30-year and two-year Constant Maturity Swap rates
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| Amount: | $2 million
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| Maturity: | March 29, 2038
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| Coupon: | 9.5% initially; beginning March 29, 2020, 10 times the spread of 10-year CMS rate over two-year CMS rate, capped at 10% and floor of 0%, payable quarterly
|
| Price: | Par
|
| Call option: | At par on any quarterly interest payment date beginning March 29, 2020
|
| Payout at maturity: | Par
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| Pricing date: | March 26
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| Settlement date: | March 29
|
| Agent: | Citigroup Global Markets Inc.
|
| Fees: | 3.5%
|
| Cusip: | 17324CTA4
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