By Wendy Van Sickle
Columbus, Ohio, June 9 – Citigroup Inc. priced $10 million of fixed-to-floating rate notes due June 2, 2027 linked to the five-year U.S. dollar SOFR ICE Swap Rate, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate will be 5% per annum for the first year. After that, Interest will be equal to the swap rate plus 8 basis points. Interest will be payable quarterly and cannot be less than 3.5% per annum.
The payout at maturity will be par.
Citigroup Global Markets Inc is the agent.
| Issuer: | Citigroup Inc.
|
| Issue: | Fixed-to-floating rate notes
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| Underlying index: | Five-year U.S. dollar SOFR ICE Swap Rate
|
| Amount: | $10 million
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| Maturity: | June 2, 2027
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| Coupon: | 5% for first year, then swap rate plus 8 bps with floor of 3.5% per annum, payable quarterly
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| Price: | Par
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| Payout at maturity: | Par
|
| Pricing date: | May 31
|
| Settlement date: | June 2
|
| Agent: | Citigroup Global Markets Inc
|
| Fees: | 0.4%
|
| Cusip: | 17290A5R7
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