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Citigroup plans fixed-to-floaters due 2028 on leveraged CMS spread
By Sarah Lizee
Olympia, Wash., April 9 – Citigroup Global Markets Holdings Inc. plans to price callable fixed-to-floating notes due April 30, 2028 linked to the leveraged difference between the 30-year Constant Maturity Swap rate and the two-year Constant Maturity Swap rate, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be 7% to 7.25% until April 30, 2019. After that, the rate will be equal to 16 to 16.5 times the spread of the 30-year CMS rate over the two-year CMS rate, subject to a maximum rate of 15%. Interest will be payable quarterly and cannot be less than zero.
The payout at maturity will be par.
The notes are callable quarterly in whole at par beginning April 30, 2019.
The notes will be guaranteed by Citigroup Inc.
Citigroup Global Markets Inc. is the agent.
The notes are expected to price on April 24 and settle four business days after the pricing date.
The Cusip number is 17324CU61.
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