By Sarah Lizee
Olympia, Wash., June 12 – Citigroup Global Markets Holdings Inc. priced $2.09 million of 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. Beginning June 13, 2020, 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.
Citigroup Global Markets Inc. is agent.
| Issuer: | Citigroup Global Markets Holdings Inc.
|
| Guarantor: | Citigroup Inc.
|
| Issue: | Noncallable fixed-to-floating notes
|
| Underlying rates: | 10-year and two-year Constant Maturity Swap rates
|
| Amount: | $2,085,000
|
| Maturity: | June 13, 2023
|
| Coupon: | 4% until June 13, 2020; after that, equal to 8 times the spread of the 10-year CMS rate over the two-year CMS rate, subject to 0% floor; payable quarterly
|
| Price: | Par
|
| Call option: | Noncallable
|
| Payout at maturity: | Par
|
| Pricing date: | June 8
|
| Settlement date: | June 13
|
| Agent: | Citigroup Global Markets Inc.
|
| Fees: | 1.75%
|
| Cusip: | 17324CVC7
|
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