Citigroup to price fixed-to-floaters due 2025 linked to CMS spread

By Sarah Lizee

Olympia, Wash., June 6 – Citigroup Global Markets Holdings Inc. plans to price callable fixed-to-floating notes due June 27, 2025 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.

The notes will be guaranteed by Citigroup Inc.

The coupon will be 5.5% for the first year. After that, it will be 25 times the spread of the 30-year CMS rate minus the two-year CMS rate, subject to a minimum rate of zero and a maximum rate of 10% per year. Interest will be payable quarterly.

The payout at maturity will be par.

Beginning June 27, 2019, the notes will be callable in whole at par on any coupon payment date.

Citigroup Global Markets Inc. is the underwriter.

The notes will price June 22.

The Cusip number is 17324CW51.

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