By Jennifer Chiou
New York, July 8 - Citigroup Inc. priced $9,118,000 of callable leveraged CMS spread notes due July 9, 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 4.35 times the modified CMS spread, subject to a minimum interest rate of zero and a maximum interest rate of 10% per year. The modified CMS spread will be the 30-year CMS rate minus the five-year CMS rate. Interest will be payable quarterly.
The payout at maturity will be par.
Beginning on July 9, 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: | $9,118,000
|
| Maturity: | July 9, 2033
|
| Coupon: | 10% for first year; after that, 4.35 times modified CMS spread, floor of 0% and cap of 10%; modified CMS spread will be 30-year CMS rate minus five-year CMS rate; payable quarterly
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Call option: | At par on any interest payment date beginning July 9, 2015
|
| Pricing date: | July 3
|
| Settlement date: | July 9
|
| Agent: | Citigroup Global Markets Inc.
|
| Fees: | 4.75%
|
| Cusip: | 1730T0UB3
|
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