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Citigroup plans five-year fixed-to-floaters tied to 10-year CMS rate
By Sarah Lizee
Olympia, Wash., Nov. 12 – Citigroup Inc. plans to price fixed-to-floating notes due Nov. 20, 2023 linked to the 10-year Constant Maturity Swap rate, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be 4.125% for the first two years. After that, interest will be equal to the 10-year CMS rate, subject to a minimum interest rate of 0%. Interest will be payable quarterly.
The payout at maturity will be par.
Citigroup Global Markets Inc. is the agent.
The notes are expected to price on Nov. 15.
The Cusip number is 17298CGK8.
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