By Toni Weeks
San Luis Obispo, Calif., March 28 - Citigroup Inc. priced $5 million of callable barrier dual range accrual notes due April 2, 2023 linked to Libor and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate will be 8.1% per year multiplied by the proportion of days on which Libor is less than or equal to 6% and the index closes at or above the accrual barrier level, which is 70% of the initial index level. Interest will be payable quarterly.
The payout at maturity will be par unless the index finishes at or below the 50% final barrier level, in which case investors will share fully in losses.
Beginning on April 2, 2015, the notes will be callable at par on any interest payment date.
Citigroup Global Markets Inc. is the agent.
Issuer: | Citigroup Inc.
|
Issue: | Callable barrier Libor and Russell 2000 index-linked dual range accrual notes
|
Amount: | $5 million
|
Maturity: | April 2, 2023
|
Coupon: | 8.1% for each day that Libor is 6% or less and the index closes at or above accrual barrier level; payable quarterly
|
Price: | Par
|
Payout at maturity: | Par unless index finishes at or below the 50% final barrier level, in which case investors share fully in losses
|
Call option: | At par on any interest payment date beginning April 2, 2015
|
Initial level: | 950.24
|
Accrual barrier level: | 70% of initial level
|
Final barrier level: | 50% of initial level
|
Pricing date: | March 27
|
Settlement date: | April 2
|
Agent: | Citigroup Global Markets Inc.
|
Fees: | 2%
|
Cusip: | 1730T0SS9
|
© 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.