By Wendy Van Sickle
Columbus, Ohio, May 17 – Citigroup Global Markets Holdings Inc. priced $1 million of callable fixed-to-floating rate leveraged CMS spread notes due May 17, 2032, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The interest rate will be 8.5% until May 17, 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 2% floor and a cap of 20%.
The payout at maturity will be par.
Beginning on May 17, 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.
|
| Issue: | Callable fixed-to-floating rate leveraged CMS spread notes
|
| Underlying rates: | 30-year U.S. dollar SOFR ICE swap rate and two-year U.S. dollar SOFR ICE swap rate
|
| Amount: | $1 million
|
| Maturity: | May 17, 2032
|
| Coupon: | 8.5% initial rate until May 17, 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 2%; payable quarterly
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Call option: | At par on any interest payment date beginning May 17, 2023
|
| Pricing date: | May 12
|
| Settlement date: | May 17
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 1.75%
|
| Cusip: | 17330FVX6
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
