By Angela McDaniels
Tacoma, Wash., May 29 - Citigroup Inc. priced $25 million leveraged callable CMS curve-linked notes due May 30, 2029 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. Beginning May 30, 2015, the interest rate will be 5 times the spread of the 30-year CMS rate over the five-year CMS rate. Interest is payable quarterly and cannot be less than zero.
The payout at maturity will be par.
Beginning May 30, 2015, the notes will be callable at par on any interest payment date.
Citigroup Global Markets Inc. is the underwriter. Morgan Stanley Smith Barney LLC is a dealer.
| Issuer: | Citigroup Inc.
|
| Issue: | Leveraged callable CMS curve-linked notes
|
| Underlying rates: | 30-year and five-year Constant Maturity Swap rates
|
| Amount: | $25 million
|
| Maturity: | May 30, 2029
|
| Coupon: | 10% for first year; beginning May 30, 2015, 5 times spread of 30-year CMS rate over five-year CMS rate, subject to minimum interest rate of zero; payable quarterly
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Call option: | At par on any interest payment date from May 30, 2015 onward
|
| Pricing date: | May 27
|
| Settlement date: | May 30
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Dealer: | Morgan Stanley Smith Barney LLC
|
| Fees: | 3.5%
|
| Cusip: | 1730T0P78
|
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