By Kiku Steinfeld
Chicago, Nov. 10 – Citigroup Global Markets Holdings Inc. priced $200,000 of callable fixed-to-floating leveraged SOFR CMS spread notes due April 13, 2033, according to a 424B8 filing with the Securities and Exchange Commission.
The notes will be guaranteed by Citigroup Inc.
The coupon will be 10% for the first year. After that, it will be 20 times the CMS spread, subject to a minimum rate of 0% and a maximum rate of 20% per year. The CMS spread is the 30-year U.S. Dollar SOFR ICE swap rate minus the two-year U.S. Dollar SOFR ICE swap rate. Interest will be payable monthly.
After one year, the notes will be callable at par on any coupon payment date.
The payout at maturity will be par.
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-floating leveraged SOFR CMS spread notes
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| Amount: | $200,000
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| Maturity: | April 13, 2033
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| Coupon: | 10% for the first year; after that, 20 times the spread, subject to a minimum rate of 0% and a maximum rate of 20% per year; spread is 30-year U.S. Dollar SOFR ICE swap rate minus two-year U.S. Dollar SOFR ICE swap rate; payable monthly
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| Price: | Par
|
| Payout at maturity: | Par
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| Call option: | After one year, at par on any coupon payment date
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| Pricing date: | April 11, 2023
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| Settlement date: | April 13, 2023
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| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 4%
|
| Cusip: | 17331HDB9
|
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