By Jennifer Chiou
New York, Dec. 30 – Citigroup Inc. priced $2 million of callable leveraged CMS spread notes due Dec. 29, 2034, according to a 424B2 filing with the Securities and Exchange Commission.
The coupon is 9.5% for the first year. After that, it will be four times the modified spread, subject to a minimum rate of zero and a maximum rate of 9.5% per year. The modified spread is the 30-year Constant Maturity Swap rate minus the two-year CMS rate minus 25 basis points. Interest is payable quarterly.
The payout at maturity will be par.
Beginning on Dec. 29, 2015, the notes will be callable at par on any coupon payment date.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Inc.
|
| Issue: | Callable leveraged CMS spread notes
|
| Underlying rates: 30-year and two-year Constant Maturity Swap rates
|
| Amount: | $2 million
|
| Maturity: | Dec. 29, 2034
|
| Coupon: | 9.5% for first year; after that, four times modified spread, subject to minimum rate of zero and maximum rate of 9.5% per year; modified spread is 30-year CMS rate minus two-year CMS rate minus 25 bps; payable quarterly
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Call option: | At par on any coupon payment date from Dec. 29, 2015 onward
|
| Pricing date: | Dec. 23
|
| Settlement date: | Dec. 29
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 3.5%
|
| Cusip: | 1730T03J6
|
|
|
© 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.
