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Citi plans 15-year fixed-to-floaters on CMS rates with 10% start rate
By Susanna Moon
Chicago, Nov. 8 - Citigroup Inc. plans to price fixed-to-floating notes due Nov. 15, 2028, according to a 424B2 filing with the Securities and Exchange Commission.
The coupon will be 10% for the first year. After that, it will be 4 times the spread of the 30-year Constant Maturity Swap rate minus five-year CMS rate, up to a maximum interest rate of 10%. Interest is payable quarterly and cannot be less than zero.
The payout at maturity will be par.
Citigroup Global Markets Inc. will be the agent.
The notes will price on Nov. 12 and settle on Nov. 15.
The Cusip number is 1730T0A82.
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