Published on 5/5/2022 in the Prospect News Structured Products Daily.
New Issue: Citi prices $8.73 million fixed-to-floating rate notes on 10-Year U.S. Dollar SOFR ICE swap rate
By Wendy Van Sickle
Columbus, Ohio, May 5 – Citigroup Inc. priced $8.73 million of fixed-to-floating rate notes due April 29, 2032, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly fixed coupon at 6% per year to but excluding April 29, 2024.
After that, it will accrue at an annual rate of 10-Year U.S. Dollar SOFR ICE swap rate plus 60 basis points, subject to a floor of zero.
The payout at maturity will be par plus any accrued interest.
Citigroup Global Markets Inc. is the agent.
Issuer: | Citigroup Inc.
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Issue: | Fixed-to-floating rate notes
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Amount: | $8,725,000
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Maturity: | April 29, 2032
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Price: | Par
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Coupon: | 6% annually, payable quarterly to but excluding April 29, 2024; after that, 10-Year U.S. Dollar SOFR ICE swap rate plus 60 bps with floor of 0%, payable quarterly
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Payout at maturity: | Par plus any interest
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Pricing date: | April 27
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Settlement date: | April 29
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Underwriter: | Citigroup Global Markets Inc.
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Fees: | 1.25%
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Cusip: | 17290ADV9
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