By Wendy Van Sickle
Columbus, Ohio, June 21 – Citigroup Global Markets Holdings Inc. priced $3.22 million of callable fixed-to-floating leveraged SOFR CMS spread notes due June 16, 2037, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The coupon will be 14% for the first year. After that, it will be 10 times the CMS spread, subject to a minimum rate of 0.5%. The CMS spread is the 30-year U.S. dollar SOFR ICE swap rate minus the two-year U.S. dollar SOFR ICE swap rate. Interest is payable quarterly.
Beginning June 16, 2023, the notes will be callable at par on any coupon payment date.
The payout at maturity will be par.
Citigroup Global Markets Inc. is the underwriter.
Issuer: | Citigroup Global Markets Holdings Inc.
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Guarantor: | Citigroup Inc.
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Issue: | Callable fixed-to-floating leveraged SOFR CMS spread notes
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Amount: | $3.22 million
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Maturity: | June 16, 2037
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Coupon: | 14% for the first year; after that, 10 times the spread, subject to a minimum rate of 0.5% per year; spread is 30-year U.S. dollar SOFR ICE swap rate minus the two-year U.S. dollar SOFR ICE swap rate; payable quarterly
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Price: | Par
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Payout at maturity: | Par
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Call option: | Beginning June 16, 2023, at par on any coupon payment date
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Pricing date: | June 14
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Settlement date: | June 16
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Underwriter: | Citigroup Global Markets Inc.
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Fees: | 4.205%
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Cusip: | 17330P3W7
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