Chicago, Aug. 15 – Citigroup Global Markets Holdings Inc. priced $2.16 million of callable fixed-to-float SOFR CMS spread range accrual notes due July 29, 2042 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
Interest will be fixed at 10% for the first three years. After that, it will accrue at 50 times the spread of the 30-year Constant Maturity Swap rate minus the two-year Constant Maturity Swap rate, subject to a maximum interest rate of 10%. Interest is payable quarterly and cannot be less than zero. Interest will be paid quarterly for each day during the accrual period the index closes above its 50% accrual barrier out of the number of days in the accrual period.
The notes are redeemable at par on any coupon payment date after one year.
The payout at maturity will be par plus any coupon due.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Global Markets Holdings Inc.
|
| Guarantor: | Citigroup Inc.
|
| Issue: | Callable fixed-to-float CMS spread range accrual securities
|
| Underlying index: | S&P 500 index
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| Amount: | $2,159,000
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| Maturity: | July 29, 2042
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| Coupon: | 10% for the first three years; after that, the rate will be 50 times the spread of the 30-year CMS rate minus the two-year CMS rate for each day that the index closes above its accrual barrier in the quarterly accrual period, subject to a cap of 10% and floor of 0%
|
| Price: | Par
|
| Payout at maturity: | Par plus any coupon due
|
| Call: | At par quarterly after one year at option of issuer
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| Initial level: | 4,023.61
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| Accrual barrier level: | 2,011.805, 50% of initial level
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| Pricing date: | July 27
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| Settlement date: | July 29
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 3.5%
|
| Cusip: | 17330PPA1
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