By Susanna Moon
Chicago, Oct. 19 – Citigroup Global Markets Holdings Inc. priced $1.25 million of callable fixed to float range accrual securities due Oct. 1, 2033 linked to the worse performing of the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The coupon will be fixed at 9% for the first two years. After that, interest will accrue at a rate of 9% for each day that the spread of the 30-year Constant Maturity Swap rate over the two-year CMS rate is at least zero and each index closes at or above the 60% coupon barrier, payable quarterly.
The notes are callable at par on any quarterly review date after one year.
The payout at maturity will be par unless either index finishes below its 60% trigger level, in which case investors will be fully exposed to any losses of the worse performing index.
The notes will be guaranteed by Citigroup Inc.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Global Markets Holdings Inc.
|
| Guarantor: | Citigroup Inc.
|
| Issue: | Callable fixed to float range accrual securities
|
| Underlying indexes: | Russell 2000 and S&P 500
|
| Amount: | $1.25 million
|
| Maturity: | Oct. 1, 2033
|
| Coupon: | 9%, payable quarterly, for first two years; beginning Oct. 1, 2020, 9% annualized for each day that spread of 30-year Constant Maturity Swap rate over two-year CMS rate is at least zero and each index closes at or above the 60% coupon barrier
|
| Price: | Par of $10
|
| Call option: | At par on any monthly redemption date beginning Oct. 1, 2019
|
| Payout at maturity: | Par unless either index falls by more than 40%, in which case 1% loss per 1% decline
|
| Initial level: | 1,691.608 for Russell and 2,905.97 for S&P
|
| Barrier levels: | 1,014.965 for Russell and 1,743.582 for S&P, 60% of initial levels
|
| Pricing date: | Sept. 26
|
| Settlement date: | Oct. 1
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 1.25%
|
| Cusip: | 17326YKV7
|
|
|
|
|
© 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.
