By Toni Weeks
San Luis Obispo, Calif., March 25 - Citigroup Inc. priced $4 million of callable leveraged CMS spread notes due March 26, 2029 linked to the 30-year Constant Maturity Swap Rate and the two-year CMS rate, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be fixed at 8.1% for the first year. After that, it will be (i) 4 times (ii) the 30-year CMS rate minus the two-year CMS rate, up to a maximum interest rate of 8.1%. Interest will be payable quarterly and cannot be less than zero.
The payout at maturity will be par.
The notes will be callable at par on any interest payment date beginning March 26, 2015.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Inc.
|
| Issue: | Callable leveraged CMS spread notes
|
| Underlying rates: | 30-year Constant Maturity Swap and two-year CMS rate
|
| Amount: | $4 million
|
| Maturity: | March 26, 2029
|
| Coupon: | 8.1% for first year; beginning March 26, 2015, (a) 4 times (b) 30-year CMS rate minus two-year CMS rate, subject to 8.1% cap and 0% floor; payable quarterly
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Call option: | At par on any interest payment date from March 26, 2015 onward
|
| Pricing date: | March 21
|
| Settlement date: | March 26
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 1.5%
|
| Cusip: | 1730T0M63
|
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