By Wendy Van Sickle
Columbus, Ohio, April 23 – Citigroup Inc. priced $5.75 million of fixed-to-floating rate notes due April 7, 2031 linked to the federal funds effective rate, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate is 2% per year initially. Beginning on April 7, 2024, the interest rate is federal funds effective rate plus a spread of 100 basis points, subject to a floor of 0% and a maximum of 4%. Interest is payable quarterly.
The payout at maturity will be par.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Inc.
|
| Issue: | Fixed-to-floating rate notes
|
| Underlying rate: | Federal funds effective rate
|
| Amount: | $5.75 million
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| Maturity: | April 7, 2031
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| Coupon: | 2% per year until April 7, 2024; then federal funds effective rate plus 100 bps, with floor of 0% and ceiling of 4%; payable quarterly
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Pricing date: | April 1
|
| Settlement date: | April 7
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 1%
|
| Cusip: | 17298CLU0
|
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