By Wendy Van Sickle
Columbus, Ohio, May 3 – Citigroup Global Markets Holdings Inc. priced $2.33 million of callable fixed-to-floating rate leveraged CMS spread notes due April 29, 2037, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The interest rate will be 10.4% until July 29, 2023, payable quarterly.
After that, interest will be determined and paid quarterly. The interest rate will be determined the second business day before the interest period.
The interest rate will be 10 times the spread of the 30-year U.S. dollar SOFR ICE swap rate minus the two-year U.S. dollar SOFR ICE swap rate. There will be a 0.75% floor and a cap of 20%.
The payout at maturity will be par.
Beginning on April 29, 2023, the notes will be callable at par on any interest payment date.
Citigroup Global Markets Inc.is the underwriter.
| Issuer: | Citigroup Global Markets Holdings Inc.
|
| Guarantor: | Citigroup Inc.
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| Issue: | Callable fixed-to-floating rate leveraged CMS spread notes
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| Underlying rates: | 30-year U.S. dollar SOFR ICE swap rate and two-year U.S. dollar SOFR ICE swap rate
|
| Amount: | $2.33 million
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| Maturity: | April 29, 2037
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| Coupon: | 10.4% initial rate until July 29, 2023; then quarterly determined at 10 times spread of 30-year CMS rate minus two-year CMS rate, subject to cap of 20% per year and floor of 0.75%; payable quarterly
|
| Price: | Par
|
| Payout at maturity: | Par
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| Call option: | At par on any interest payment date beginning April 29, 2023
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| Pricing date: | April 27
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| Settlement date: | April 29
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 5%
|
| Cusip: | 17330FAM3
|
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