New Issue: Citigroup sells $25 million fixed-to-floaters due 2028 with 5% start rate

By Sarah Lizee

Olympia, Wash., Aug. 15 – Citigroup Inc. priced $25 million of non-callable fixed-to-floating notes due Aug. 16, 2028, according to a 424B2 filing with the Securities and Exchange Commission.

The coupon will be 5% for the first two years. Beginning Aug. 16, 2020, interest will be equal to Libor plus a spread of 84 basis points, subject to a minimum interest rate of 0%. Interest is payable quarterly.

The payout at maturity will be par.

Citigroup Global Markets Inc. is the agent.

Issuer:	Citigroup Inc.
Issue:	Non-callable fixed-to-floating notes
Amount:	$25 million
Maturity:	Aug. 16, 2028
Coupon:	5% for the first two years; beginning Aug. 16, 2020, Libor plus 84 bps, with 0% floor; payable quarterly
Price:	Par
Payout at maturity:	Par
Pricing date:	Aug. 14
Settlement date:	Aug. 16
Agent:	Citigroup Global Markets Inc.
Fees:	0.3%
Cusip:	17298CGC6

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