Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers 3 > Headlines for 30-year Constant Maturity Swap rate > News item |
Citibank to price 20-year callable fixed-to-floating CMS spread CDs
By Marisa Wong
Madison, Wis., Dec. 6 - Citibank, NA plans to price callable fixed-to-floating CMS spread certificates of deposit due Dec. 16, 2033 linked to the 30-year Constant Maturity Swap Rate and the five-year CMS rate, according to a term sheet.
The interest rate will be 10% for the first year. Beginning on Dec. 16, 2014, it will be 4 times the spread of the 30-year CMS rate minus the five-year CMS rate less 45 bps, subject to a minimum interest rate of zero and a maximum interest rate of 10% per year. Interest will be payable quarterly.
The payout at maturity will be par.
Beginning on Dec. 16, 2014, the CDs will be callable at par on any interest payment date.
The CDs (Cusip: 172986GY1) are expected to price on Dec. 11 and settle on Dec. 16.
Citigroup Global Markets Inc. is the underwriter. Advisors Asset Management, Inc. is the distributor.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.