Chicago, Oct. 24 – Citigroup Global Markets Holdings Inc. priced $1.14 million of callable fixed-to-floating rate leveraged SOFR CMS spread notes due Feb. 15, 2037, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The interest rate will be 6% until Feb. 15, 2023, payable quarterly.
After that, interest will be determined and paid quarterly.
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 0% floor and a 30% cap.
The payout at maturity will be par.
Beginning on Feb. 15, 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 SOFR 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: | $1,137,000
|
| Maturity: | Feb. 15, 2037
|
| Coupon: | 6% initial rate until Feb. 15, 2023; then quarterly determined at 10 times spread of 30-year CMS rate minus two-year CMS rate, subject to floor of 0% and a 30% cap; payable quarterly
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Call option: | At par on any interest payment date beginning Feb. 15, 2023
|
| Pricing date: | Feb. 11
|
| Settlement date: | Feb. 15
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 1%
|
| Cusip: | 17330AFT4
|
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