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Citibank plans callable fixed-to-inverse-floating market-linked CDs
By Jennifer Chiou
New York, Aug. 1 - Citibank, NA plans to price callable fixed-to-inverse-floating market-linked certificates of deposit due Aug. 22, 2033, according to a term sheet.
The coupon will be 11% for the first year. After that, it will accrue at (i) 1.1 times (ii) 5.25% minus Libor, subject to a floor of 0% and a cap of 5.775%. Interest is payable quarterly.
The payout at maturity will be par.
The CDs will be callable at par on any interest payment date beginning on Aug. 22, 2014.
The notes (Cusip: 172986GR6) are expected to price on Aug. 19 and settle on Aug. 22.
Citigroup Global Markets is the agent.
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