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Citigroup plans 20-year callable CMS spread range accrual notes
By Susanna Moon
Chicago, Jan. 28 - Citigroup Funding Inc. plans to price callable CMS spread range accrual notes due 2031 linked to the 30-year and two-year Constant Maturity Swap rates, according to a 424B2 filing with the Securities and Exchange Commission.
The coupon will be 7% for the first year. After that, the rate will be 7% for each day that the spread of the 30-year CMS rate over the two-year CMS rate is at least zero. Interest will be payable quarterly.
The payout at maturity will be par.
The notes will be callable at par on any interest payment date after one year.
The Cusip is 1730T0LQ0.
Citigroup Global Markets Inc. is the underwriter.
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