By Sarah Lizee
Olympia, Wash., Oct. 3 – Citigroup Global Markets Holdings Inc. priced $1 million of callable fixed-to-floating notes due Oct. 4, 2026 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 8% until Oct. 4, 2019. After that, the rate will be equal to 40 times the spread of the 30-year CMS rate over the two-year CMS rate, subject to a maximum rate of 9%. 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 Oct. 4, 2019.
The notes are 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: | $1 million
|
| Maturity: | Oct. 4, 2026
|
| Coupon: | 8% until Oct. 4, 2019; after that, equal to 40 times the spread of the 30-year CMS rate over the two-year CMS rate, subject to a maximum rate of 9% and floor of 0%; payable quarterly
|
| Price: | Par
|
| Call option: | At par on any quarterly interest payment date beginning Oct. 4, 2019
|
| Payout at maturity: | Par
|
| Pricing date: | Sept. 27
|
| Settlement date: | Oct. 4
|
| Agent: | Citigroup Global Markets Inc.
|
| Fees: | 0.5%
|
| Cusip: | 17324XEC0
|
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