Citi plans callable fixed-to-float CMS spread range accrual notes on S&P, Nasdaq

By Wendy Van Sickle

Columbus, Ohio, March 21 – Citigroup Global Markets Holdings Inc. plans to price callable fixed-to-float CMS spread range accrual securities due March 29, 2039 linked to the Nasdaq-100 index and the S&P 500 index, according to a 424B2 filed with the Securities and Exchange Commission.

The interest rate will be 8.2% for the first two years, then will accrue at 50 times the spread of the 30-year Constant Maturity Swap rate minus the two-year CMS rate for each day each index closes at or above the accrual barrier, 70% of the initial index level, subject to a maximum of 8.2% and a floor of zero. Interest will be payable quarterly.

The payout at maturity will be par unless either index falls by more than 40%, in which case investors will be exposed to the worse-performing index’s decline from its initial level.

Beginning March 30, 2020, the notes will be callable at par on any interest payment date.

Citigroup Global Markets Inc. is the agent.

The notes will be guaranteed by Citigroup Inc.

The notes will price March 26.

The Cusip number is 17326YP91.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.