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Published on 8/23/2021 in the Prospect News Structured Products Daily.

New Issue: Citi sells $3 million fixed-to-floating rate notes linked to SOFR

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.
Issue:Fixed-to-floating rate notes
Underlying rate:SOFR
Amount:$3 million
Maturity:Aug. 18, 2024
Coupon:0.5% per year until Aug. 18, 2022; then SOFR plus 32 bps, with floor of 0% ; payable quarterly
Price:Par
Payout at maturity:Par
Pricing date:Aug. 16
Settlement date:Aug. 18
Underwriter:Citigroup Global Markets Inc.
Fees:0.25%
Cusip:17290A2X7

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