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Citigroup plans 20-year callable step-up notes with 3% initial rate
By Susanna Moon
Chicago, July 19 – Citigroup Inc. plans to price callable step-up coupon notes due July 29, 2036, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be 3% for the first five years, stepping up to 3.5% in July 2021, to 4% in July 2027, to 4.5% in July 2032 and to 5% in July 2035. Interest will be payable semiannually.
The payout at maturity will be par.
The notes will be callable quarterly at par after five years.
Citigroup Global Markets Inc. is the underwriter.
The notes will price on July 27.
The Cusip number is 1730T3BP7.
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