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Citigroup plans callable fixed-to-floating leveraged CMS spread notes
By Angela McDaniels
Tacoma, Wash., Dec. 5 – Citigroup Global Markets Holdings Inc. plans to price callable fixed-to-floating leveraged CMS spread notes due Dec. 14, 2036, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be guaranteed by Citigroup Inc.
The coupon will be 9% for the first year. After that, it will be five times the modified spread, subject to a minimum rate of zero and a maximum rate of 10% per year. The modified spread is the 30-year Constant Maturity Swap rate minus the two-year CMS rate minus 25 basis points. Interest will be payable quarterly.
The payout at maturity will be par.
Beginning Dec. 14, 2017, the notes will be callable at par on any coupon payment date.
Citigroup Global Markets Inc. is the underwriter.
The notes will price Dec. 9.
The Cusip number is 17290JAA9.
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