By Angela McDaniels
Tacoma, Wash., June 18 – Citigroup Inc. priced $15 million of CMS spread notes due Dec. 19, 2017 linked to the 30-year Constant Maturity Swap rate and the five-year CMS rate, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate is 3.25% for the first year. After that, it will be equal to the 30-year CMS rate minus the five-year CMS rate minus 50 basis points, subject to a maximum interest rate of 3.25% per year. Interest is payable quarterly and cannot be less than zero.
The payout at maturity will be par.
Citigroup Global Markets Inc. is the underwriter.
Issuer: | Citigroup Inc.
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Issue: | CMS spread notes
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Underlying rates: | 30-year Constant Maturity Swap and five-year CMS rate
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Amount: | $15 million
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Maturity: | Dec. 19, 2017
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Coupon: | 3.25% for first year; after that, 30-year CMS rate minus five-year CMS rate minus 50 bps, subject to minimum of zero and maximum of 3.25% per year; payable quarterly
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Price: | Par
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Payout at maturity: | Par
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Pricing date: | June 16
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Settlement date: | June 19
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Underwriter: | Citigroup Global Markets Inc.
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Fees: | 0.7%
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Cusip: | 1730T0T41
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