By Toni Weeks
San Luis Obispo, Calif., March 27 - Citigroup Inc. priced $15 million of fixed-to-floating callable leveraged CMS curve-linked notes due March 28, 2034 linked to the 30-year Constant Maturity Swap Rate and the two-year CMS rate, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate is 10% for the first year. After that, it will be 4 times the spread of the 30-year CMS rate minus the two-year CMS rate minus 25 basis points, subject to a maximum interest rate of 10% per year and a minimum rate of 0%. Interest is payable quarterly.
The payout at maturity will be par.
Beginning on March 28, 2015, the notes will be callable at par on any interest payment date.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Inc.
|
| Issue: | Fixed-to-floating callable leveraged CMS curve-linked notes
|
| Underlying rates: | 30-year Constant Maturity Swap and two-year CMS rate
|
| Amount: | $15 million
|
| Maturity: | March 28, 2034
|
| Coupon: | 10% for first year; after that, (a) 4 times (b) 30-year CMS rate minus two-year CMS rate minus 25 bps, subject to 10% cap and 0% floor; payable quarterly
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Call option: | At par on any interest payment date from March 28, 2015 onward
|
| Pricing date: | March 25
|
| Settlement date: | March 28
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 3.5%
|
| Cusip: | 1730T0L31
|
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