Citigroup plans range accrual notes linked to Euro Stoxx 50, Libor

By Toni Weeks

San Luis Obispo, Calif., July 3 - Citigroup Inc. plans to price index-linked range accrual notes due July 30, 2033 linked to the Euro Stoxx 50 index and Libor, according to a 424B2 filing with the Securities and Exchange Commission.

The coupon will be 7% for the first year. After that, interest will accrue at the relevant contingent interest rate for each day that Libor is 6% or less and the index closes at or above the index reference level - 75% of the initial index level. The relevant contingent interest rate will be 7% from July 30, 2014 until July 30, 2018, stepping up to 8% on July 30, 2018, to 9% on July 30, 2023 and to 10% on July 30, 2028. Interest is payable quarterly.

The payout at maturity will be par.

The notes will be callable at par on any interest payment date beginning July 30, 2015.

The notes (Cusip: 1730T0UJ6) are expected to price July 25 and settle July 30.

Citigroup Global Markets Inc. is the underwriter.

© 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.