Chicago, Feb. 23 – Citigroup Global Markets Holdings Inc. priced $653,000 of callable fixed-to-float SOFR CMS spread range accrual notes due Jan. 19, 2044 linked to 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 60% accrual barrier. The floating rate is also payable quarterly, subject to a floor of 0% and a ceiling of 10%.
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 underwriter.
| Issuer: | Citigroup Global Markets Holdings Inc.
|
| Guarantor: | Citigroup Inc.
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| Issue: | Callable fixed-to-float spread 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: | $653,000
|
| Maturity: | Jan. 19, 2044
|
| 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 10% ceiling
|
| Payout at maturity: | Par plus any coupon due
|
| Call option: | Callable quarterly at par after one year
|
| Initial level: | 4,765.98
|
| Accrual barrier: | 2,859.588; 60% of initial level
|
| Pricing date: | Jan. 16
|
| Settlement date: | Jan. 18
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 5%
|
| Cusip: | 17291TVH8
|
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