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Citigroup to price fixed-to-floating notes linked to 10-year CMS rate
By Angela McDaniels
Tacoma, Wash., March 21 – Citigroup Inc. plans to price fixed-to-floating notes due March 29, 2029 linked to the 10-year Constant Maturity Swap rate, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate will be 5.25% for the first two years. Beginning March 29, 2021, the interest rate will be the 10-year CMS rate plus 20 basis points, subject to a minimum interest rate of zero. Interest will be payable quarterly.
The payout at maturity will be par.
Citigroup Global Markets Inc. is the underwriter.
The notes will price March 27.
The Cusip number is 17298CGS1.
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