By William Gullotti
Buffalo, N.Y., May 20 – Citigroup Global Markets Holdings Inc. priced $2 million of callable fixed-to-floating leveraged SOFR CMS spread notes due May 18, 2032, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be guaranteed by Citigroup Inc.
The coupon will be 8% for the first two years. After that, it will be 10 times the CMS spread, subject to a minimum rate of 2% 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 quarterly.
Beginning May 18, 2023, 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: | $2 million
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| Maturity: | May 18, 2032
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| Coupon: | 8% for the first two years; after that, 10 times the spread, subject to a minimum rate of 2% 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 quarterly
|
| Price: | Par
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| Payout at maturity: | Par
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| Call option: | Beginning May 18, 2023, at par on any coupon payment date
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| Pricing date: | May 16
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| Settlement date: | May 18
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 1.25%
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| Cusip: | 17330FUA7
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