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Citigroup to price fixed-to-floaters due 2028 on 10-year CMS rate
By Sarah Lizee
Olympia, Wash., March 23 – Citigroup Inc. plans to price fixed-to-floating notes due March 29, 2028 linked to the 10-year Constant Maturity Swap rate, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be 4.75% for the first three years. After that, the rate will be equal to 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 agent.
The notes will price on March 27.
The Cusip number is 17298CG36.
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