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Citigroup plans fixed-to-floaters due 2023 on leveraged CMS spread
By Sarah Lizee
Olympia, Wash., May 25 – Citigroup Global Markets Holdings Inc. plans to price noncallable fixed-to-floating notes due June 13, 2023 linked to the leveraged difference between the 10-year Constant Maturity Swap rate and the two-year Constant Maturity Swap rate, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The coupon will be 4% for the first two years. After that, it will be equal to 8 times the spread of the 10-year CMS rate over the two-year CMS rate. Interest will be payable quarterly and cannot be less than zero.
The payout at maturity will be par.
The notes (Cusip: 17324CVC7) are expected to price June 8 and settle three business days later.
Citigroup Global Markets Inc. is agent.
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