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Citigroup prices $11 million, Wells Fargo brings $10.44 million of step-up notes
By Sheri Kasprzak
New York, July 28 – Two of the largest structured products offerings of the session Thursday were both callable step-up notes from two different bookrunners.
Citigroup Inc. priced $11 million of callable step-up coupon notes due July 29, 2036.
The notes pay 3% interest for the first five years, stepping up to 3.5% on July 29, 2021, to 4% on July 29, 2027, to 4.5% on July 29, 2032 and to 5% on July 29, 2035. Interest is payable semiannually.
Payout at maturity is par, and the notes are callable quarterly at par after five years.
Citigroup Global Markets Inc. was the underwriter for the notes.
Wells Fargo offers notes
The session’s other large step-up notes were priced through Wells Fargo & Co. The bookrunner priced $10.44 million of notes due July 29, 2026.
The interest on these notes is 2% for the first five years, stepping up to 2.5% on July 29, 2021, to 3.5% on July 29, 2023, to 4.5% on July 29, 2024 and to 6.5% on July 29, 2025. Interest is payable semiannually.
Payout at maturity is par.
The notes are callable at par on any quarterly redemption date beginning July 29, 2021.
Wells Fargo Securities LLC was the agent.
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