By Wendy Van Sickle
Columbus, Ohio, Nov. 22 – Citigroup Global Markets Holdings Inc. priced $3.72 million of callable fixed-to-float SOFR CMS spread range accrual securities due Nov. 17, 2042 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The interest rate is 11% for the first four years, payable quarterly. After that, the coupon rate is 50 times the 30-year U.S. dollar SOFR ICE swap rate minus the two-year U.S. dollar SOFR ICE swap rate for each day the index closes at or above 50% of its initial level, subject to a maximum rate of 14.5% and a floor of zero.
The notes will be callable at par on any quarterly redemption date after one year.
The payout at maturity will be par plus any coupon due.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Global Markets Holdings Inc.
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| Guarantor: | Citigroup Inc.
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| Issue: | Callable fixed-to-float SOFR CMS spread range accrual securities
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| Underlying index: | S&P 500 index
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| Amount: | $3,718,000
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| Maturity: | Nov. 17, 2042
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| Coupon: | 11% for first four years, payable quarterly; after that, 50 times 30-year U.S. dollar SOFR ICE swap rate minus two-year U.S. dollar SOFR ICE swap rate for each day index closes at or above accrual barrier, subject to a maximum rate of 14.5% and a floor of zero
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| Price: | Par
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| Payout at maturity: | Par plus any coupon due
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| Call option: | At par on any interest payment date after one year
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| Initial index level: | 3,991.73
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| Accrual barrier level: | 1,995.865, 50% of initial level
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| Pricing date: | Nov. 15
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| Settlement date: | Nov. 17
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 5%
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| Cusip: | 17330YCM0
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