By Susanna Moon
Chicago, Feb. 28 - Citigroup Inc. priced $6 million of CMS spread notes due Feb. 28, 2019 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 4% for the first year. After that, it will be equal to the spread of the 30-year CMS rate minus the five-year CMS rate, with a minimum coupon of 0.5%. Interest is payable quarterly and cannot be less than zero.
The payout at maturity will be par.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Inc.
|
| Issue: | CMS spread notes
|
| Underlying rates: | 30-year Constant Maturity Swap and five-year CMS rate
|
| Amount: | $6 million
|
| Maturity: | Feb. 28, 2019
|
| Coupon: | 4% initially; beginning Feb. 28, 2015, spread equal to 30-year CMS rate minus five-year CMS rate, floor of 0.5%; payable quarterly
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Pricing date: | Feb. 25
|
| Settlement date: | Feb. 28
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 1.5%
|
| Cusip: | 1730T0J83
|
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