Citigroup plans callable fixed-to-floating leveraged CMS spread notes

By Emma Trincal

New York, Nov. 1 – Citigroup Global Markets Holdings Inc. plans to price callable fixed-to-floating notes due November 2025 linked to the leveraged difference between the 30-year Constant Maturity Swap rate and the two-year CMS rate, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will be guaranteed by Citigroup Inc.

The coupon will be 5.5% for the first year.

After that, the interest rate will be equal to 30 times the spread of the 30-year swap rate minus the two-year swap rate, subject to a minimum interest rate of 0% and a maximum interest rate of 8%. Interest will be payable quarterly.

The notes will be callable at par on any coupon payment date beginning November 2019.

The payout at maturity will be par.

Citigroup Global Markets Inc. is the underwriter.

The notes will price Nov. 16 and settle on Nov. 21.

The Cusip number is 17326YGS9

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