By Marisa Wong
Madison, Wis., June 24 - Citigroup Inc. priced $5 million of callable leveraged CMS spread notes due June 27, 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 9% for the first year. After that, it will be four times the modified CMS spread, subject to a minimum interest rate of zero and a maximum interest rate of 9% per year. The modified CMS spread will be the 30-year CMS rate minus the five-year CMS rate minus 15 basis points. Interest will be payable quarterly.
The payout at maturity will be par.
Beginning June 27, 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
|
| Amount: | $5 million
|
| Maturity: | June 27, 2033
|
| Coupon: | 9% for first year; after that, four times modified CMS spread, floor of 0% and cap of 9%; modified CMS spread will be 30-year CMS rate minus five-year CMS rate minus 15 bps; payable quarterly
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Call option: | At par on any interest payment date beginning June 27, 2015
|
| Pricing date: | June 20
|
| Settlement date: | June 25
|
| Agent: | Citigroup Global Markets Inc.
|
| Fees: | 5%
|
| Cusip: | 1730T0TZ2
|
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