By Susanna Moon
Chicago, Feb. 14 - Citigroup Inc. priced $27 million of callable leveraged CMS spread notes due Feb. 19, 2034 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.
Interest will be fixed at 10.5% for the first two years. After that, it will be 6 times the spread of the 30-year CMS rate minus the five-year CMS rate minus 25 basis points, up to a maximum interest rate of 10.5% per year. Interest is payable quarterly and cannot be less than zero.
The payout at maturity will be par.
The notes will be callable at par on any interest payment date after one year.
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: | $27 million
|
| Maturity: | Feb. 19, 2034
|
| Coupon: | 10.5% for two years; after that, 6 times 30-year CMS rate minus five-year CMS rate minus 25 bps, capped at 10.5%; payable quarterly
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Call option: | At par on any interest payment date beginning Feb. 19, 2015
|
| Pricing date: | Feb. 13
|
| Settlement date: | Feb. 19
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 4%
|
| Cusip: | 1730T0G78
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
