New Issue: Citigroup sells $75 million 5% fixed-to-floating notes tied to CMS rate

By Sarah Lizee

Olympia, Wash., Oct. 24 – Citigroup Inc. priced $75 million of fixed-to-floating notes due Oct. 24, 2028 linked to the 10-year Constant Maturity Swap rate, according to a 424B2 filing with the Securities and Exchange Commission.

Interest will be fixed at 5% for the first year. After that, it will accrue at a rate equal to the 10-year Constant Maturity Swap rate plus 74 basis points. Interest will be payable quarterly and cannot be less than zero.

The payout at maturity will be par.

Citigroup Global Markets Inc. is the underwriter.

Issuer:	Citigroup Inc.
Issue:	Fixed-to-floating notes
Underlying:	10-year Constant Maturity Swap
Amount:	$75,000,000
Maturity:	Oct. 24, 2028
Coupon:	5% initially; beginning in Oct. 24, 2019, equal to 10-year Constant Maturity Swap plus 74 bps, payable quarterly
Price:	Par
Payout at maturity:	Par
Pricing date:	Oct. 22
Settlement date:	Oct. 24
Agent:	Citigroup Global Markets Inc.
Fees:	0.265%
Cusip:	17298CGE2

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.