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Citigroup to price fixed-to-float trigger securities linked to S&P 500
By Angela McDaniels
Tacoma, Wash., Aug. 7 - Citigroup Inc. plans to price fixed-to-float trigger securities due Aug. 29, 2023 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate will be fixed for the first three years. The fixed rate will be at least 3% and will be set at pricing. Beginning Aug. 29, 2016, the interest rate will be Libor plus 205 basis points. Interest will be payable quarterly.
If the final index level is greater than or equal to the trigger level, 50% of the initial index level, the payout at maturity will be par.
If the final index level is less than the trigger level, investors will lose 1% for every 1% that the final index level is less than the initial level.
Citigroup Global Markets Inc. is the underwriter.
The notes are expected to price Aug. 26 and settle three business days later.
The Cusip number is 1730T0US6.
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