By Jennifer Chiou
New York, Nov. 13 - Citigroup Inc. priced $3.1 million of callable leveraged CMS spread notes due Nov. 14, 2023 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 8% for the first year. After that, it will be 4 times the spread of the 30-year CMS rate minus the five-year CMS rate minus 25 basis points, subject to a maximum interest rate of 8% per year and a minimum rate of 0%. Interest is payable quarterly.
The payout at maturity will be par.
Beginning on Nov. 14, 2014, 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: | $3.1 million
|
| Maturity: | Nov. 14, 2023
|
| Coupon: | 8% for first year; after that, (a) 4 times (b) 30-year CMS rate minus five-year CMS rate minus 25 bps, subject to 8% cap and 0% floor; payable quarterly
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Call option: | At par on any interest payment date from Nov. 14, 2014 onward
|
| Pricing date: | Nov. 8
|
| Settlement date: | Nov. 14
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 2%
|
| Cusip: | 1730T0B99
|
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