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Citigroup plans to price 20-year leveraged callable CMS curve notes
By Susanna Moon
Chicago, Aug. 19 – Citigroup Inc. plans to price leveraged callable CMS curve-linked notes due Aug. 31, 2035, 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 the 4 times the spread is the 30-year Constant Maturity Swap rate minus the two-year CMS rate minus 25 basis points, up to a maximum rate of 10% per year. 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 coupon payment date beginning Aug. 31, 2016.
Citigroup Global Markets Inc. is the underwriter. Morgan Stanley & Co. LLC is a dealer.
The notes will price on Aug. 26.
The Cusip number is 1730T3AW3.
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