Citigroup to price fixed-to-floaters due 2023 linked to CMS rates

By Sarah Lizee

Olympia, Wash., May 17 – Citigroup Global Markets Holdings Inc. plans to price fixed-to-floating notes due May 31, 2023 linked to 10-year Constant Maturity Swap rate and the two-year Constant Maturity Swap rate, according to a 424B2 filing with the Securities and Exchange Commission.

The notes are guaranteed by Citigroup Inc.

Interest will be 5% for the first year. Beginning May 31, 2019, interest will be equal to 10.25 times the spread of the 10-year CMS rate minus the two-year CMS rate, subject to a maximum interest rate of 10.25% and a minimum interest rate of 0%. Interest will be payable quarterly.

The notes are non-callable.

The payout at maturity will be par.

Citigroup Global Markets Inc. is the agent.

The notes are expected to price on May 25 and settle three business days after.

The Cusip number is 17324CUY0.

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