By Sarah Lizee
Olympia, Wash., May 25 – Citigroup Global Markets Holdings Inc. priced $10.5 million of callable fixed-to-floating notes due May 29, 2023 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 5% until May 29, 2019. After that, the rate will be equal to 20 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 May 29, 2019.
The notes will be guaranteed by Citigroup Inc.
Citigroup Global Markets Inc. is the agent.
| Issuer: | Citigroup Global Markets Holdings Inc.
|
| Guarantor: | Citigroup Inc.
|
| Issue: | Callable fixed-to-floating notes
|
| Underlying rates: | 30-year and two-year Constant Maturity Swap rates
|
| Amount: | $10.5 million
|
| Maturity: | May 29, 2023
|
| Coupon: | 5% until May 29, 2019; after that, equal to 20 times the spread of the 30-year CMS rate over the two-year CMS rate, subject to a maximum rate of 10% and floor of 0%; payable quarterly
|
| Price: | Par
|
| Call option: | At par on any quarterly interest payment date beginning May 29, 2019
|
| Payout at maturity: | Par
|
| Pricing date: | May 24
|
| Settlement date: | May 29
|
| Agent: | Citigroup Global Markets Inc.
|
| Fees: | 2.25%
|
| Cusip: | 17324CV37
|
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