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Citigroup plans to price 20-year callable leveraged CMS spread notes
By Susanna Moon
Chicago, July 27 - Citigroup Funding Inc. plans to price callable leveraged CMS spread notes due Aug. 19, 2030, according to an FWP filing with the Securities and Exchange Commission.
The coupon will be 12% for the first year. After that, the rate will be four times the spread of the 30-year Constant Maturity Swap rate over the two-year CMS rate minus 25 basis points, up to a maximum of 12% per year in each interest period. Interest will be payable quarterly and cannot be less than zero.
The payout at maturity will be par.
The notes will be callable at par on any interest payment date beginning Aug. 19, 2013.
The notes (Cusip 1730T0JNO) are expected to settle on Aug. 19.
Citigroup Global Markets Inc. is the underwriter.
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