By Jennifer Chiou
New York, Oct. 29 - Citigroup Inc. priced $12 million of callable leveraged CMS spread notes due Oct. 30, 2033 linked to the 30-year Constant Maturity Swap Rate and the five-year CMS rate, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate is 10% for the first year. After that, it will be 5.25 times the spread of the 30-year CMS rate minus the five-year CMS rate, subject to a maximum interest rate of 10% per year and a minimum rate of zero. Interest is payable quarterly.
The payout at maturity will be par.
Beginning on Oct. 30, 2015, the notes will be callable at par on any interest payment date.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Inc.
|
| Issue: | Callable leveraged CMS spread notes
|
| Underlying rates: | 30-year Constant Maturity Swap and five-year CMS rate
|
| Amount: | $12 million
|
| Maturity: | Oct. 30, 2033
|
| Coupon: | 10% for first year; after that, (a) 5.25 times (b) 30-year CMS rate minus five-year CMS rate, subject to 10% cap and 0% floor; payable quarterly
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Call option: | At par on any interest payment date from Oct. 30, 2015 onward
|
| Pricing date: | Oct. 25
|
| Settlement date: | Oct. 30
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 2.5%
|
| Cusip: | 1730T0A90
|
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