By Wendy Van Sickle
Columbus, Ohio, Aug. 23 – Citigroup Inc. priced $3 million of fixed-to-floating rate notes due Aug. 18, 2024 linked to SOFR, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate is 0.5% per year initially. Beginning on Aug. 18, 2022, the interest rate is SOFR plus a spread of 32 basis points, subject to a floor of 0%. Interest is payable quarterly.
The payout at maturity will be par.
Citigroup Global Markets Inc. is the underwriter.
Issuer: | Citigroup Inc.
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Issue: | Fixed-to-floating rate notes
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Underlying rate: | SOFR
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Amount: | $3 million
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Maturity: | Aug. 18, 2024
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Coupon: | 0.5% per year until Aug. 18, 2022; then SOFR plus 32 bps, with floor of 0% ; payable quarterly
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Price: | Par
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Payout at maturity: | Par
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Pricing date: | Aug. 16
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Settlement date: | Aug. 18
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Underwriter: | Citigroup Global Markets Inc.
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Fees: | 0.25%
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Cusip: | 17290A2X7
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