By William Gullotti
Buffalo, N.Y., Feb. 3 – Citigroup Global Markets Holdings Inc. priced $1.17 million of callable fixed-to-float range accrual notes due Jan. 30, 2043 linked to both the CMS spread and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly fixed coupon at 10% per year for the first two years.
After the second year, it will accrue at an annual rate of 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 that the index closes at or above the 50% accrual barrier. The floating rate is also payable quarterly, subject to a floor of 0% and a ceiling of 12%.
The notes can be called at par on any quarterly coupon date after one year.
At maturity, investors will receive par plus any coupon otherwise due.
The notes are guaranteed by Citigroup Inc.
Citigroup Global Markets Inc. is the agent.
| Issuer: | Citigroup Global Markets Holdings Inc.
|
| Guarantor: | Citigroup Inc.
|
| Issue: | Callable fixed-to-float range accrual notes
|
| Underlying assets: | 30-year U.S. Dollar SOFR ICE swap rate, two-year U.S. Dollar SOFR ICE swap rate, S&P 500 index
|
| Amount: | $1,174,000
|
| Maturity: | Jan. 30, 2043
|
| Price: | Par
|
| Coupon: | 10% annually, payable quarterly, for first two years; after that, annual coupon rate set at 50 times the spread of the 30-year SOFR ICE rate minus the two-year SOFR ICE rate for each day the index closes at or above the accrual barrier, payable quarterly; floating rate is subject to 0% floor and 12% ceiling
|
| Payout at maturity: | Par plus any coupon due
|
| Call option: | Callable quarterly at par after one year
|
| Initial levels: | 4,070.56
|
| Accrual barrier: | 2,035.28; 50% of initial level
|
| Pricing date: | Jan. 27
|
| Settlement date: | Jan. 31
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 5%
|
| Cusip: | 17331CJD0
|
|
|
© 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.
