The information in this preliminary pricing supplement is not complete and may be changed. A registration statement relating to these securities has been filed with the Securities and Exchange Commission. This preliminary pricing supplement and the accompanying prospectus supplement and prospectus are not an offer to sell these securities, nor are they soliciting an offer to buy these securities, in any state where the offer or sale is not permitted.
|
||
Citigroup Inc.
|
SUBJECT TO COMPLETION, DATED MAY 30, 2014
|
June , 2014
Medium-Term Senior Notes, Series G
Pricing Supplement No. 2014-CMTNG0146
Filed Pursuant to Rule 424(b)(2)
Registration Statement No. 333-192302
|
§
|
The notes offered by this pricing supplement are unsecured senior debt securities issued by Citigroup Inc. As further described below, the notes will bear interest (i) in Year 1: at a rate of 10.00% per annum and (ii) in Years 2 to maturity: subject to our redemption right, at a variable rate per annum equal to 9 times the modified CMS reference index, subject to a maximum interest rate of 10.00% per annum for any quarterly interest payment period and a minimum interest rate of 0.00% per annum. The modified CMS reference index will be equal to the CMS reference index minus 0.25%. The CMS reference index will be equal to the 30-year Constant Maturity Swap Rate (“CMS30”) minus the 5-year Constant Maturity Swap Rate (“CMS5”), as determined on the second U.S. government securities business day prior to the beginning of the relevant quarterly interest payment period. The notes provide the opportunity to receive an above-market interest rate in Year 1; however, subject to our redemption right, for each quarterly interest payment period in Years 2 to maturity, the interest payments on the notes, if any, will vary. In particular, beginning on June , 2015 (expected to be June 18, 2015), if the modified CMS reference index on any CMS reference determination date is less than or equal to 0.00% (i.e., if CMS30 is less than or equal to CMS5 plus 0.25%), you will not earn any interest during the related quarterly interest payment period. We may call the notes for mandatory redemption in whole and not in part on any interest payment date beginning on June , 2015 (expected to be June 18, 2015).
|
§
|
All payments due on the notes are subject to the credit risk of Citigroup Inc. If we default on our obligations, you may not receive any payments owed to you under the notes.
|
KEY TERMS
|
|||
Issuer:
|
Citigroup Inc.
|
||
Aggregate stated principal amount:
|
$
|
||
Stated principal amount:
|
$1,000 per note
|
||
Pricing date:
|
June , 2014 (expected to be June 13, 2014)
|
||
Issue date:
|
June , 2014 (three business days after the pricing date)
|
||
Maturity date:
|
June , 2034 (expected to be June 18, 2034)
|
||
Payment at maturity:
|
Unless earlier redeemed by us, at maturity you will receive for each note you then hold an amount in cash equal to $1,000 plus any accrued and unpaid interest.
|
||
Interest:
|
From and including the issue date to but excluding June , 2015 (expected to be June 18, 2015):
For each quarterly interest payment period, 10.00% per annum
Unless earlier redeemed by us, from and including June , 2015 (expected to be June 18, 2015) to but excluding the maturity date (the “floating interest rate period”):
For each quarterly interest payment period, a variable rate per annum equal to the leverage factor times the modified CMS reference index; subject to the minimum interest rate and the maximum interest rate
The modified CMS reference index applicable to a quarterly interest payment period during the floating interest rate period will be determined on the related CMS reference determination date.
After June , 2015 (expected to be June 18, 2015), it is possible that you could receive little or no interest on the notes. In particular, after the first year, if the modified CMS reference index on any CMS reference determination date is less than or equal to 0.00%, you will not earn any interest during the related quarterly interest payment period.
|
||
Leverage factor:
|
9
|
||
Quarterly interest payment period:
|
Each three-month period from and including an interest payment date (or the issue date, in the case of the first quarterly interest payment period) to but excluding the next interest payment date
|
||
Interest payment dates:
|
The day of each March, June, September and December (expected to be the 18th day of each March, June, September and December), beginning on September , 2014 (expected to be September 18, 2014) and ending on the maturity date or the redemption date
|
||
CMS reference determination dates:
|
Two (2) U.S. government securities business days prior to the beginning of each quarterly interest payment period during the floating interest rate period
|
||
Maximum interest rate:
|
10.00% per annum for any quarterly interest payment period during the floating interest rate period
|
||
Minimum interest rate:
|
0.00% per annum for any quarterly interest payment period during the floating interest rate period
|
||
CMS reference index:
|
The 30-year Constant Maturity Swap Rate (“CMS30”) minus the 5-year Constant Maturity Swap Rate (“CMS5”). See “Description of the Notes—Determination of CMS30 and CMS5” below.
|
||
Modified CMS reference index:
|
The CMS reference index minus 0.25%
|
||
Redemption:
|
We may call the notes, in whole and not in part, for mandatory redemption on any interest payment date beginning on June , 2015 (expected to be June 18, 2015), upon not less than five business days’ notice. Following an exercise of our call right, you will receive for each note you then hold an amount in cash equal to $1,000 plus any accrued and unpaid interest.
|
||
CUSIP / ISIN:
|
1730T0R50 / US1730T0R502
|
||
Listing:
|
The notes will not be listed on any securities exchange and, accordingly, may have limited or no liquidity. You should not invest in the notes unless you are willing to hold them to maturity.
|
||
Underwriter:
|
Citigroup Global Markets Inc. (“CGMI”), an affiliate of the issuer, acting as principal
|
||
Underwriting fee and issue price:
|
Issue price(1)
|
Underwriting fee(2)
|
Proceeds to Issuer(2)
|
Per note:
|
$1,000
|
$30
|
$970
|
Total:
|
$
|
$
|
$
|
Citigroup Inc.
|
Fixed to Floating Rate Notes due 2034
Leveraged Callable CMS Curve Linked Notes
|
§
|
After the First Year, the Notes Will Pay Interest that Is Based on the Level of the CMS Reference Index and May Be as Low as 0.00% Per Annum on One or More Interest Payment Dates. The interest payments beginning one year after issuance on the notes will vary based on fluctuations in the modified CMS reference index. If the modified CMS reference index narrows, interest payments on the notes will be reduced, and if the modified CMS reference index is 0.00% per annum for any interest payment period, the notes will pay no interest at all for that interest payment period. The CMS reference index is influenced by many complex economic factors and is impossible to predict. After the first year, it is possible that the notes will pay a below-market rate or no interest at all for an extended period of time, or even throughout the entire remaining term of the notes. Although the notes provide for the repayment of the stated principal amount at maturity, you may nevertheless suffer a loss on your investment in the notes, in real value terms, if you receive below-market or no interest payments after the first year of the term of the notes. For examples setting forth hypothetical interest payments on the notes, see "Hypothetical Examples" below.
|
§
|
The Notes May Pay Below-market or No Interest if Short-term Interest Rates Rise. Although there is no single factor that determines the spread between two constant maturity swap rates, the spreads have historically tended to fall when short-term interest rates rise. Short-term interest rates have historically been highly sensitive to the monetary policy of the Federal Reserve Board. Accordingly, one significant risk assumed by investors in the notes is that the Federal Reserve Board may pursue a policy of raising short-term interest rates, which, if historical patterns hold, would lead to a decrease in the level of the CMS reference index. In that event, the interest rate payable on the notes beginning one year after issuance may decline significantly, possibly to 0.00% per annum. It is important to understand, however, that short-term interest rates are affected by many factors and may increase even in the absence of a Federal Reserve Board policy to increase short-term interest rates. Furthermore, it is important to understand that the CMS reference index may decrease even in the absence of an increase in short-term interest rates because it, too, is influenced by many complex factors.
|
§
|
The Level of the CMS Reference Index May Be Lower than Other Market Interest Rates. The floating interest rate on the notes will not necessarily move in line with general U.S. market interest rates or even constant maturity swap rates and, in fact, may move inversely with general U.S. market interest rates, as described in the preceding risk factor. For example, if there is a general increase in constant maturity swap rates but shorter-term rates rise more than longer-term rates, the CMS reference index will decrease, as will the interest rate payable on the notes beginning one year after issuance. Accordingly, the notes are not appropriate for investors who seek floating interest payments based on general market interest rates.
|
§
|
The Interest Rate Applicable to the Notes Will be Subject to a Maximum Per Annum Rate. The interest rate applicable to the notes cannot exceed 10.00% per annum for any quarterly interest payment period. This maximum interest rate will limit the amount of interest you may be paid on the notes to a maximum of $25.00 per note per quarterly interest payment period. As a result, if the CMS reference index applicable to any quarterly interest payment period during the floating interest rate period is greater than approximately 1.361% (taking into account that the modified CMS reference index will be multiplied by 9 on the applicable CMS reference determination date), the notes will provide you less interest income than an investment in a similar instrument that is not subject to a maximum per annum interest rate. For examples setting forth hypothetical interest payments on the notes, see “Hypothetical Examples” below.
|
§
|
The CMS Reference Index Applicable to Any Interest Payment Period Will Be Reduced by 0.25%. Unless earlier redeemed, from and including June , 2015 (expected to be June 18, 2015) to but excluding the maturity date, when determining the interest rate applicable to each quarterly interest payment period, 0.25% will be deducted from the level of the CMS reference index on the relevant CMS reference determination date to determine the modified CMS reference index. As a result, the effective yield on your notes will be less than that which would be payable on a security paying interest directly linked to the level of the CMS reference index without any deduction.
|
§
|
Secondary Market Sales of the Notes May Result in a Loss of Principal. You will be entitled to receive at least the full stated principal amount of your notes, subject to the credit risk of Citigroup Inc., only if you hold the notes to maturity or until the date when the notes are called. The value of the notes may fluctuate, and if you sell your notes in the secondary market prior to maturity or the date when the notes are called, you may receive less than your initial investment.
|
§
|
The Notes May Be Called at Our Option, Which Limits Your Ability to Accrue Interest Over the Full Term of the Notes. We may call all of the notes for mandatory redemption on any interest payment date beginning June , 2015 (expected to be June 18, 2015) upon not less than five business days’ notice. In the event that we call the notes, you will receive the stated principal amount of your investment in the notes and any accrued and unpaid interest. In this case, you will not have the opportunity to continue to accrue and be paid interest to the original maturity date of the notes and you may have to reinvest the proceeds in a lower interest rate environment.
|
June 2014 | PS-2 |
Citigroup Inc.
|
Fixed to Floating Rate Notes due 2034
Leveraged Callable CMS Curve Linked Notes
|
§
|
The Relative Values of CMS30 and CMS5 Will Affect Our Decision to Call the Notes. It is more likely we will call the notes prior to their maturity date if the CMS reference index results in interest accruing on the notes at a rate greater than that which would be payable on a conventional, fixed-rate debt security of Citigroup Inc. of comparable maturity. If we call the notes prior to their maturity, you may not be able to invest in other securities with a similar level of risk that yield as much interest as the notes.
|
§
|
The Notes Are Subject to the Credit Risk of Citigroup Inc., and Any Actual or Anticipated Changes to Its Credit Ratings and Credit Spreads May Adversely Affect the Value of the Notes. You are subject to the credit risk of Citigroup Inc. If we default on our obligations under the notes, your investment would be at risk and you could lose some or all of your investment. As a result, the value of the notes prior to maturity will be affected by changes in the market’s view of our creditworthiness. Any decline, or anticipated decline, in our credit ratings or increase, or anticipated increase, in the credit spreads charged by the market for taking our credit risk is likely to adversely affect the value of the notes.
|
§
|
The Notes Will Not Be Listed on Any Securities Exchange and You May Not Be Able to Sell Your Notes Prior to Maturity. The notes will not be listed on any securities exchange. Therefore, there may be little or no secondary market for the notes. CGMI currently intends to make a secondary market in relation to the notes and to provide an indicative bid price for the notes on a daily basis. Any indicative bid price for the notes provided by CGMI will be determined in CGMI’s sole discretion, taking into account prevailing market conditions and other relevant factors, and will not be a representation by CGMI that the notes can be sold at that price, or at all. CGMI may suspend or terminate making a market and providing indicative bid prices without notice, at any time and for any reason. If CGMI suspends or terminates making a market, there may be no secondary market at all for the notes because it is likely that CGMI will be the only broker-dealer that is willing to buy your notes prior to maturity. Accordingly, an investor must be prepared to hold the notes until maturity.
|
§
|
The Estimated Value of the Notes on the Pricing Date, Based on CGMI’s Proprietary Pricing Models and Our Internal Funding Rate, Will Be Less than the Issue Price. The difference is attributable to certain costs associated with selling, structuring and hedging the notes that are included in the issue price. These costs include (i) the selling concessions paid in connection with the offering of the notes, (ii) hedging and other costs incurred by us and our affiliates in connection with the offering of the notes and (iii) the expected profit (which may be more or less than actual profit) to CGMI or other of our affiliates in connection with hedging our obligations under the notes. These costs adversely affect the economic terms of the notes because, if they were lower, the economic terms of the notes would be more favorable to you. The economic terms of the notes are also likely to be adversely affected by the use of our internal funding rate, rather than our secondary market rate, to price the notes. See “The Estimated Value of the Notes Would Be Lower if it Were Calculated Based on Our Secondary Market Rate” below.
|
§
|
The Estimated Value of the Notes Was Determined for Us by Our Affiliate Using Proprietary Pricing Models. CGMI derived the estimated value disclosed on the cover page of this pricing supplement from its proprietary pricing models. In doing so, it may have made discretionary judgments about the inputs to its models, such as the volatility of the CMS reference index and interest rates. CGMI’s views on these inputs may differ from your or others’ views, and as an underwriter in this offering, CGMI’s interests may conflict with yours. Both the models and the inputs to the models may prove to be wrong and therefore not an accurate reflection of the value of the notes. Moreover, the estimated value of the notes set forth on the cover page of this pricing supplement may differ from the value that we or our affiliates may determine for the notes for other purposes, including for accounting purposes. You should not invest in the notes because of the estimated value of the notes. Instead, you should be willing to hold the notes to maturity irrespective of the initial estimated value.
|
§
|
The Estimated Value of the Notes Would be Lower if it Were Calculated Based on Our Secondary Market Rate. The estimated value of the notes included in this pricing supplement is calculated based on our internal funding rate, which is the rate at which we are willing to borrow funds through the issuance of the notes. Our internal funding rate is generally lower than the market rate implied by traded instruments referencing our debt obligations in the secondary market for those debt obligations, which we refer to as our secondary market rate. If the estimated value included in this pricing supplement were based on our secondary market rate, rather than our internal funding rate, it would likely be lower. We determine our internal funding rate based on factors such as the costs associated with the notes, which are generally higher than the costs associated with conventional debt securities, and our liquidity needs and preferences. Our internal funding rate is not the same as the rate at which interest is payable on the notes.
|
§
|
The Estimated Value of the Notes Is Not an Indication of the Price, if any, at which CGMI or Any Other Person May Be Willing to Buy the Notes from You in the Secondary Market. Any such secondary market price will fluctuate over the term of the notes based on the market and other factors described in the next risk factor. Moreover, unlike the estimated value included in this pricing supplement, any value of the notes determined for purposes of a secondary market transaction will be based on our secondary market rate, which will likely result in a lower value for the notes than if our internal funding rate were used. In addition, any secondary market price for the notes will be reduced by a bid-ask spread, which may vary depending on the aggregate stated principal amount of the notes to be purchased in the secondary market transaction, and the expected cost of unwinding related hedging transactions. As a result, it is likely that any secondary market price for the notes will be less than the issue price.
|
June 2014 | PS-3 |
Citigroup Inc.
|
Fixed to Floating Rate Notes due 2034
Leveraged Callable CMS Curve Linked Notes
|
§
|
The Price at Which You May Be Able to Sell Your Notes Prior to Maturity Will Depend on a Number of Factors and May Be Substantially Less Than the Amount You Originally Invest. We believe that the value of the notes in any secondary market at any time will be affected by the CMS reference index at that time and a number of other factors. Some of these factors are interrelated in complex ways. As a result, the effect of any one factor may be offset or magnified by the effect of another factor. The following paragraphs describe what we expect to be the impact on the value of the notes of a change in a specific factor, assuming all other conditions remain constant.
|
|
§
|
The CMS Reference Index. We expect that the value of the notes at any time will depend on whether and to what degree, if any, CMS30 exceeds CMS5 by more than 0.25%. In general, we expect that a decrease in the CMS reference index will cause a decrease in the value of the notes because the interest, if any, payable on the notes will depend on the CMS reference index. Conversely, in general, we expect that an increase in the CMS reference index may tend to cause an increase in the value of the notes. However, an increase in the CMS reference index may increase the likelihood of the notes being called. CMS30, CMS5 and the economic relationship between the two will be influenced by complex and interrelated political, economic, financial and other factors that can affect the money markets generally and the London interbank market in particular.
|
|
§
|
Volatility of the CMS Reference Index. Volatility is the term used to describe the size and frequency of market fluctuations. If the volatility of the CMS reference index changes, the value of the notes may change.
|
|
§
|
Call Right. Our ability to call the notes prior to their maturity date is likely to limit their value. If we did not have the right to call the notes, their value could be significantly different.
|
|
§
|
Interest Rates. We expect that the value of the notes will be affected by changes in U.S. interest rates. In general, if U.S. interest rates increase, the value of the notes may decrease.
|
|
§
|
Time Premium or Discount. As a result of a “time premium” or “discount,” the notes may trade at a value above or below that which would be expected based on the level of interest rates and the value of the CMS reference index, which disparity is expected to be larger the longer the time remaining to the maturity of the notes. A “time premium” or “discount” results from expectations concerning the value of the CMS reference index during the period prior to the maturity of the notes. However, as the time remaining to maturity decreases, this “time premium” or “discount” may diminish, increasing or decreasing the value of the notes.
|
|
§
|
Hedging Activities. Hedging activities related to the notes by one or more of our affiliates will likely involve trading in one or more instruments, such as options, swaps or futures, based upon CMS30, CMS5, the CMS reference index, or taking positions in any other available securities or instruments that we may wish to use in connection with such hedging. It is possible that our affiliates or we may profit from our hedging activity, even if the value of the notes declines. Profit or loss from this hedging activity could affect the price at which Citigroup Inc.’s affiliate CGMI may be willing to purchase your notes in the secondary market.
|
|
§
|
Creditworthiness of Citigroup Inc. Actual or anticipated changes in our creditworthiness, as reflected in our secondary market rate, may affect the value of the notes. The notes are subject to our credit risk.
|
§
|
Immediately Following Issuance, any Secondary Market Bid Price Provided by CGMI, and the Value that Will Be Indicated on Any Brokerage Account Statements Prepared by CGMI or its Affiliates, Will Reflect a Temporary Upward Adjustment. The amount of this temporary upward adjustment will steadily decline to zero over the temporary adjustment period. See “Valuation of the Notes” in this pricing supplement.
|
§
|
The Yield on the Notes May Be Lower Than the Yield On a Standard Debt Security of Comparable Maturity. Unless called by us, from and including June , 2015 (expected to be June 18, 2015) to but excluding the maturity date, the notes will bear interest at a variable rate per annum equal to the leverage factor of 9 times the modified CMS reference index; subject to the minimum interest rate of 0.00% per annum and the maximum interest rate of 10.00% per annum for any quarterly interest payment period. As a result, the effective yield on your notes may be less than that which would be payable on a conventional fixed-rate, non-callable debt security of Citigroup Inc. of comparable maturity.
|
§
|
The Historical Value of the CMS Reference Index Is Not an Indication of the Future Value of the CMS Reference Index. The historical value of the CMS reference index, which is included in this pricing supplement, should not be taken as an indication of the future value of the CMS reference index during the term of the notes. Changes in the relative values of CMS30 and CMS5 will affect the value of the modified CMS reference index and thus the value of and interest payments on the notes, but it is impossible to predict whether the relative values of CMS30 and CMS5 will rise or fall. The historical values do not give effect to the 0.25% deduction reflected in the calculation of the modified CMS reference index.
|
§
|
One of Our Affiliates Participates in the Determination of CMS30 and CMS5. CMS30 and CMS5 are determined based on a poll of dealers in interest rate swaps selected by the International Swaps and Derivatives Association, Inc. One of our affiliates is a participant in the poll that determines CMS30 and CMS5, among other constant maturity swap rates, and its
|
June 2014 | PS-4 |
Citigroup Inc.
|
Fixed to Floating Rate Notes due 2034
Leveraged Callable CMS Curve Linked Notes
|
|
participation in that poll may have an effect on CMS30 and CMS5. Any such effect on CMS30 and CMS5 may adversely affect holders of the notes. In participating in that poll, our affiliate has no obligation to consider your interests as an investor in the notes.
|
§
|
The Calculation Agent, Which is an Affiliate of the Issuer, Will Make Determinations With Respect to the Notes. Citibank, N.A., which is acting as the calculation agent for the notes, is an affiliate of ours. As calculation agent, Citibank, N.A. will determine the CMS reference index on any interest determination date and will calculate the interest payable to you on each interest payment date. Any of these determinations made by Citibank, N.A., in its capacity as calculation agent, including with respect to the calculation of the CMS30 or CMS5 in the event of their unavailability, may adversely affect the payments to you on any interest payment date.
|
§
|
Citigroup Inc.’s Hedging Activity Could Result in a Conflict of Interest. In anticipation of the sale of the notes, we expect one or more of our affiliates to enter into hedge transactions. This hedging activity will likely involve trading in instruments, such as options, swaps or futures, based upon CMS30, CMS5 and the CMS reference index. This hedging activity may present a conflict between your interest in the notes and the interests our affiliates have in executing, maintaining and adjusting their hedge transactions because it could affect the price at which our affiliate CGMI may be willing to purchase your notes in the secondary market. Since hedging the obligations under the notes involves risk and may be influenced by a number of factors, it is possible that our affiliates may profit from the hedging activity, even if the value of the notes declines.
|
§
|
Our Offering of the Notes Does Not Constitute a Recommendation to Invest in an Instrument Linked to the CMS Reference Index. You should not take our offering of the notes as an expression of our views about how the CMS reference index will perform in the future or as a recommendation to invest in any instrument linked to the CMS reference index, including the notes. As we are part of a global financial institution, our affiliates may, and often do, have positions (including short positions), and may publish research or express opinions, that in each case conflict with an investment in the notes. You should undertake an independent determination of whether an investment in the notes is suitable for you in light of your specific investment objectives, risk tolerance and financial resources.
|
§
|
The Manner in Which CMS30 and CMS5 are Calculated May Change in the Future. The method by which CMS30 and CMS5 are calculated may change in the future, as a result of governmental actions, actions by the publisher of CMS30 and CMS5 or otherwise. We cannot predict whether the method by which CMS30 or CMS5 is calculated will change or what the impact of any such change might be. Any such change could affect the level of the CMS reference index in a way that has a significant adverse effect on the notes.
|
§
|
You Will Have No Rights Against the Publisher of CMS30 and CMS5. You will have no rights against the publisher of CMS30 and CMS5 even though the amount you receive on an interest payment date will depend upon the value of the CMS reference index. The publisher of CMS30 and CMS5 is not in any way involved in this offering and has no obligations relating to the notes or the holders of the notes.
|
June 2014 | PS-5 |
Citigroup Inc.
|
Fixed to Floating Rate Notes due 2034
Leveraged Callable CMS Curve Linked Notes
|
June 2014 | PS-6 |
Citigroup Inc.
|
Fixed to Floating Rate Notes due 2034
Leveraged Callable CMS Curve Linked Notes
|
June 2014 | PS-7 |
Citigroup Inc.
|
Fixed to Floating Rate Notes due 2034
Leveraged Callable CMS Curve Linked Notes
|
June 2014 | PS-8 |
Citigroup Inc.
|
Fixed to Floating Rate Notes due 2034
Leveraged Callable CMS Curve Linked Notes
|
|
§
|
Principal amount: $1,000
|
|
§
|
Leverage factor: 9
|
|
§
|
Maximum Interest Rate: 10.00% per annum
|
Hypothetical CMS
Reference Index(1)
|
Hypothetical
Interest Rate per
Annum(2)
|
Hypothetical Quarterly Interest
Payment(3)
|
-1.000%
|
0.00%
|
$0.00
|
-0.800%
|
0.00%
|
$0.00
|
-0.600%
|
0.00%
|
$0.00
|
-0.400%
|
0.00%
|
$0.00
|
-0.200%
|
0.00%
|
$0.00
|
0.000%
|
0.00%
|
$0.00
|
0.200%
|
0.00%
|
$0.00
|
0.250%
|
0.00%
|
$0.00
|
0.400%
|
1.35%
|
$3.38
|
0.600%
|
3.15%
|
$7.88
|
0.800%
|
4.95%
|
$12.38
|
1.000%
|
6.75%
|
$16.88
|
1.200%
|
8.55%
|
$21.38
|
1.361%
|
10.00%
|
$25.00
|
1.400%
|
10.00%
|
$25.00
|
1.600%
|
10.00%
|
$25.00
|
1.800%
|
10.00%
|
$25.00
|
2.000%
|
10.00%
|
$25.00
|
2.200%
|
10.00%
|
$25.00
|
2.400%
|
10.00%
|
$25.00
|
2.600%
|
10.00%
|
$25.00
|
2.800%
|
10.00%
|
$25.00
|
3.000%
|
10.00%
|
$25.00
|
June 2014 | PS-9 |
Citigroup Inc.
|
Fixed to Floating Rate Notes due 2034
Leveraged Callable CMS Curve Linked Notes
|
June 2014 | PS-10 |
Citigroup Inc.
|
Fixed to Floating Rate Notes due 2034
Leveraged Callable CMS Curve Linked Notes
|
September 18, 2014
|
$
|
September 18, 2019
|
$
|
September 18, 2024
|
$
|
September 18, 2029
|
$
|
December 18, 2014
|
$
|
December 18, 2019
|
$
|
December 18, 2024
|
$
|
December 18, 2029
|
$
|
March 18, 2015
|
$
|
March 18, 2020
|
$
|
March 18, 2025
|
$
|
March 18, 2030
|
$
|
June 18, 2015
|
$
|
June 18, 2020
|
$
|
June 18, 2025
|
$
|
June 18, 2030
|
$
|
September 18, 2015
|
$
|
September 18, 2020
|
$
|
September 18, 2025
|
$
|
September 18, 2030
|
$
|
December 18, 2015
|
$
|
December 18, 2020
|
$
|
December 18, 2025
|
$
|
December 18, 2030
|
$
|
March 18, 2016
|
$
|
March 18, 2021
|
$
|
March 18, 2026
|
$
|
March 18, 2031
|
$
|
June 18, 2016
|
$
|
June 18, 2021
|
$
|
June 18, 2026
|
$
|
June 18, 2031
|
$
|
September 18, 2016
|
$
|
September 18, 2021
|
$
|
September 18, 2026
|
$
|
September 18, 2031
|
$
|
December 18, 2016
|
$
|
December 18, 2021
|
$
|
December 18, 2026
|
$
|
December 18, 2031
|
$
|
March 18, 2017
|
$
|
March 18, 2022
|
$
|
March 18, 2027
|
$
|
March 18, 2032
|
$
|
June 18, 2017
|
$
|
June 18, 2022
|
$
|
June 18, 2027
|
$
|
June 18, 2032
|
$
|
September 18, 2017
|
$
|
September 18, 2022
|
$
|
September 18, 2027
|
$
|
September 18, 2032
|
$
|
December 18, 2017
|
$
|
December 18, 2022
|
$
|
December 18, 2027
|
$
|
December 18, 2032
|
$
|
March 18, 2018
|
$
|
March 18, 2023
|
$
|
March 18, 2028
|
$
|
March 18, 2033
|
$
|
June 18, 2018
|
$
|
June 18, 2023
|
$
|
June 18, 2028
|
$
|
June 18, 2033
|
$
|
September 18, 2018
|
$
|
September 18, 2023
|
$
|
September 18, 2028
|
$
|
September 18, 2033
|
$
|
December 18, 2018
|
$
|
December 18, 2023
|
$
|
December 18, 2028
|
$
|
December 18, 2033
|
$
|
March 18, 2019
|
$
|
March 18, 2024
|
$
|
March 18, 2029
|
$
|
March 18, 2034
|
$
|
June 18, 2019
|
$
|
June 18, 2024
|
$
|
June 18, 2029
|
$
|
June 18, 2034
|
$
|
June 2014 | PS-11 |
Citigroup Inc.
|
Fixed to Floating Rate Notes due 2034
Leveraged Callable CMS Curve Linked Notes
|
June 2014 | PS-12 |
Citigroup Inc.
|
Fixed to Floating Rate Notes due 2034
Leveraged Callable CMS Curve Linked Notes
|
June 2014 | PS-13 |