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Citigroup plans fixed-to-floaters due 2028 linked to 10-year CMS rate
By Sarah Lizee
Olympia, Wash., July 18 – Citigroup Global Markets Holdings Inc. plans to price fixed-to-floating notes due Aug. 7, 2028 linked to the 10-year Constant Maturity Swap rate, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup, Inc.
Interest will be 6% for the first two years. After that, interest will be equal to 1.05 times the 10-year CMS rate, subject to a minimum interest rate of 0%. Interest will be payable quarterly.
The payout at maturity will be par.
Citigroup Global Markets Inc. is the agent.
The notes are expected to price on Aug. 2 and settle on Aug. 7.
The Cusip number is 17324CY83.
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