By Taylor Fox
New York, Feb. 16 – Citigroup Global Markets Holdings Inc. priced $5.44 million of callable fixed-to-floating rate leveraged CMS spread notes due Jan. 25, 2031, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The interest rate will be 3% for the first year.
After the first year, interest will be determined and paid quarterly. The interest rate will be determined the second business day before the interest period.
The interest rate will be 2.5 times the spread of the 30-year Constant Maturity Swap rate minus the two-year Constant Maturity Swap rate minus 0.25%. There will be a 0% floor and a cap of 5%.
The payout at maturity will be par.
Beginning on Jan. 25, 2022, the notes will be callable at par on any interest payment date.
Citigroup Global Markets Inc.is the underwriter.
| Issuer: | Citigroup Global Markets Holdings Inc.
|
| Guarantor: | Citigroup Inc.
|
| Issue: | Callable fixed-to-floating rate leveraged CMS spread notes
|
| Underlying rates: | 30-year Constant Maturity Swap and two-year CMS rate
|
| Amount: | $5,442,000
|
| Maturity: | Jan. 25, 2031
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| Coupon: | 3% initial rate for first year; quarterly determined at 2.5 times spread of 30-year CMS rate minus two-year CMS rate minus 0.25%, subject to cap of 5% per year and floor of zero; payable quarterly
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Call option: | At par on any interest payment date beginning Jan. 25, 2022
|
| Pricing date: | Jan. 21
|
| Settlement date: | Jan. 25
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 2%
|
| Cusip: | 17328YDL5
|
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