By Susanna Moon
Chicago, Nov. 9 – Citigroup Global Markets Holdings Inc. priced $20 million of callable fixed-to-floating leveraged CMS spread notes due Oct. 31, 2038, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be fixed at 8.5% for the first year. After that, it will accrue at 50 times the spread of the 30-year U.S. dollar ICE swap rate over the two-year U.S. dollar ICE swap rate, up to a maximum interest rate of 8.5%. Interest will be payable monthly and cannot be less than zero.
The notes are redeemable at par on any payment date after one year.
The payout at maturity will be par.
The notes will be guaranteed by Citigroup Inc.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Global Markets Holdings Inc.
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| Guarantor: | Citigroup Inc.
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| Issue: | Callable fixed-to-floating leveraged CMS spread notes
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| Underlying index: | S&P 500
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| Amount: | $20 million
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| Maturity: | Oct. 31, 2038
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| Coupon: | 8.5% initially; beginning in Oct. 31, 2019, 50 times spread of the 30-year U.S. dollar ICE swap rate over the two-year U.S. dollar ICE swap rate, capped at 8.5%, payable quarterly
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| Price: | Par
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| Payout at maturity: | Par
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| Call option: | At par on any interest payment date beginning Oct. 31, 2019
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| Pricing date: | Oct. 29
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| Settlement date: | Oct. 31
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| Agent: | Citigroup Global Markets Inc.
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| Fees: | 5%
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| Cusip: | 17326YPR1
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