By Marisa Wong
Madison, Wis., March 27 - Citigroup Inc. priced $46.5 million leveraged callable CMS curve-linked notes due March 28, 2029 linked to the 30-year Constant Maturity Swap rate and the five-year Constant Maturity Swap rate, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate is 10% for the first year. Beginning March 28, 2015, the interest rate will be 5 times the spread of the 30-year CMS rate over the five-year CMS rate, subject to a minimum interest rate of 0% and a maximum interest rate of 10% per year. Interest is payable quarterly.
The payout at maturity will be par.
Beginning March 28, 2015, the notes will be callable at par on any interest payment date.
Citigroup Global Markets Inc. is the underwriter. Morgan Stanley Smith Barney LLC is a dealer.
Issuer: | Citigroup Inc.
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Issue: | Leveraged callable CMS curve-linked notes
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Underlying rates: | 30-year and five-year Constant Maturity Swap rates
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Amount: | $46.5 million
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Maturity: | March 28, 2029
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Coupon: | 10% for first year; beginning March 28, 2015, 5 times spread of 30-year CMS rate over five-year CMS rate, subject to minimum interest rate of 0% and maximum interest rate of 10% per year; payable quarterly
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Price: | Par
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Payout at maturity: | Par
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Call option: | At par on any interest payment date from March 28, 2015 onward
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Pricing date: | March 25
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Settlement date: | March 28
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Underwriter: | Citigroup Global Markets Inc.
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Dealer: | Morgan Stanley Smith Barney LLC
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Fees: | 3.5%
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Cusip: | 1730T0L23
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