By Sarah Lizee
Olympia, Wash., April 26 – Citigroup Global Markets Holdings Inc. priced $2.5 million of 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% until April 30, 2019. After that, the rate will be equal to 16 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.
Issuer: | Citigroup Global Markets Holdings Inc.
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Guarantor: | Citigroup Inc.
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Issue: | Fixed-to-floating notes
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Underlying rates: | 30-year and two-year Constant Maturity Swap rates
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Amount: | $2.5 million
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Maturity: | April 30, 2028
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Coupon: | 7% until April 30, 2019; after that, equal to 16 times the spread of the 30-year CMS rate over the two-year CMS rate, subject to a maximum rate of 15% and floor of 0%; payable quarterly
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Price: | Par
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Call option: | At par on any quarterly interest payment date beginning April 30, 2019
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Payout at maturity: | Par
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Pricing date: | April 24
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Settlement date: | April 30
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Agent: | Citigroup Global Markets Inc.
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Fees: | 3%
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Cusip: | 17324CU61
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