Citigroup plans 15-year fixed-to-floaters linked to 10-year CMS rate

By Devika Patel

Knoxville, Tenn., April 24 – Citigroup Inc. plans to price fixed-to-floating rate notes due May 2030 linked to the 10-year Constant Maturity Swap rate, according to a 424B2 filing with the Securities and Exchange Commission.

Interest rate will be fixed at 4% for the first five years. After that, it will accrue at the 10-year CMS rate. Interest will be payable quarterly and cannot be less than zero.

The payout at maturity will be par.

Citigroup Global Markets Inc. is the underwriter.

The notes will price on May 12 and settle on May 15.

The Cusip number is 17298CAF5.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.