Filed pursuant to
Rule 424(b)(5)
Registration No. 33-64574
CITICORP
U.S. $3,000,000,000
Global Medium-Term Senior Notes, Series C
U.S. $1,000,000,000
Global Medium-Term Subordinated Notes, Series C
Due From 9 Months to 60 Years From Date of Issue
Pricing Supplement, dated October 21, 1994
(To Prospectus Supplement, dated July 25, 1994;
to Prospectus, dated July 25, 1994)
DESCRIPTION OF NOTES
The terms of the CMT Notes (defined below) set forth in this
Pricing Supplement supplement and modify, to the extent applicable,
the description of general terms and provisions of Citicorp's
Global Medium-Term Senior Notes, Series C set forth in the
accompanying Prospectus and Prospectus Supplement. Capitalized
terms not defined herein shall have the meanings assigned to such
terms in the accompanying Prospectus and Prospectus Supplement.
<TABLE>
<CAPTION>
SUMMARY OF TERMS:
<S> <C>
Title of Note: Constant Maturity Treasury Senior
Notes due October 29, 2001
(the "CMT Notes").
Aggregate
Principal Amount: $15,000,000.
Issue Date: October 27, 1994.
Stated Maturity Date: October 29, 2001
Interest Rate Index: Three-year Constant Maturity
Treasury ("CMT"). (See "Constant
Maturity Treasury Senior Notes"
below)
Spread: Minus 9.0 basis points.
Initial Interest Rate: 6.99%.
Interest
Commencement Date: October 29, 1994.
Interest Payment Dates: Quarterly, on the 27th of each
January, April, July and October,
commencing on January 27, 1995;
provided, however, that if an
Interest Payment Date would
otherwise be a day that is not a
Market Day, such Interest Payment
Date will be the next succeeding
Market Day, except
that if the next succeeding Market
Day is in the next succeeding
calendar month, such Interest
Payment Date will be the immediately
preceding Market Day; provided,
further, however, that the final
Interest Payment Date shall be the
Stated Maturity Date. Interest on
the CMT Notes will be computed on
the basis of a 360-day year of
twelve 30-day months.
Interest Reset Dates: Each Interest Payment Date.
CMT Interest
Determination Dates: The tenth Market Day preceding the
related Interest Reset Date.
Index Maturity: Three Years.
CMT Screen Reference: 3 year Treasury Constant Maturity
Telerate Screen Page 7055.
Clearance Information: The CUSIP number assigned to the CMT
Notes is 17303 LPC 9.
Calculation Dates: The related CMT Interest
Determination Date.
Redemption: The CMT Note are not subject to
redemption.
Sinking Fund: The CMT Note are not subject to any
sinking fund.
Regular Record Dates: The date that is 15 calendar days
prior to the related Interest Payment
Date.
Calculation Agent: Citibank, N.A.
Underwriter: Bear, Stearns & Co. Inc.
Discount: 0.450%
Price to Public: 100%
</TABLE>
CONSTANT MATURITY TREASURY SENIOR NOTES
- ---------------------------------------
The CMT Note will bear interest from October 27, 1994, and
such interest will be payable quarterly in arrears on the 27th day
of each January, April, July and October (each an "Interest Payment
Date"), commencing with the Interest Payment Date in January 1995,
and at Stated Maturity. The period beginning on and including the
Issue Date of the CMT Note and ending on but excluding the first
Interest Payment Date and each successive period beginning on and
including an Interest Payment Date and ending on but excluding the
next succeeding Interest Payment Date is herein called an "Interest
Period." If any Interest Payment Date falls on a day which is not
a Market Day, such Interest Payment date shall be postponed to the
next day which is a Market Day, except that if the next succeeding
Market Day is in the next succeeding calendar month, such Interest
Payment Date will be the immediately preceding Market Day;
provided, further, however, that the final Interest Payment Date
shall be the Stated Maturity Date.
Interest payable on any CMT Note prior to maturity will be
payable to the person in whose name such CMT Note is registered at
the close
of business on the fifteenth calendar day prior to each Interest
Payment Date. The interest payment at maturity will include
interest accrued to but excluding the date of maturity and will be
payable to the person to whom principal is payable.
The rate of interest on the CMT Note for the Interest Period
beginning on the date of issuance of the CMT Note will be 6.99% per
annum. For each interest period thereafter, the CMT Note will bear
interest at a rate per annum equal to the three-year CMT minus 9
basis points, such rate as will be determined by Citibank, N.A., as
calculation agent (the "Calculation Agent"), for each applicable
Interest Period in accordance with the following provisions:
(i) For each applicable Interest Period, the three-year CMT
will be determined on the applicable Interest Determination Date
(as defined above) on the basis of the latest rate displayed at
the close of business on that Interest Determination Date on
Telerate page 7055 for "Yields on Treasury Constant Maturities
... Federal Reserve Board Statistical Release H.15(519) ...
Mondays approximately 3:45 p.m. EST" (or "EDT" as the case may
be) under the heading "3 YR", or such page as may replace page
7055, as provided by the Telerate News Service, for the purpose
of displaying rates or prices that are comparable, as determined
by the Calculation Agent (after consultation with Citicorp), to
the three-year Constant Maturity Treasury rates formerly
displayed on Telerate page 7055; or
(ii) if the information specified in subparagraph (i)
above is not available on any Interest Determination Date, then
the three-year CMT for the applicable Interest Period shall be
determined on the basis of the three-year Treasury Constant
Maturity rate (or other three-year United States Treasury rate)
published as of such Interest Determination Date by either the
Board of Governors of the Federal Reserve System or the United
States Department of the Treasury that the Calculation Agent
(after consultation with Citicorp) determines to be comparable
to the rate formerly displayed on Telerate page 7055 and
published in the Federal Reserve Board Statistical Release H.15
(519); or
(iii) if the information specified in subparagraphs (i)
and (ii) is not available at any Interest Determination Date,
then the three-year CMT for the applicable Interest Period shall
be the yield to maturity of the then most recently issued direct
non-callable fixed rate United States Treasury CMT Note with an
original maturity of approximately two years and a remaining
term to maturity of at least one year (the "Reference Treasury
Note"), as calculated by the Calculation agent on the basis of
the arithmetic mean of the secondary market bid side prices for
such Reference Treasury Note quoted as of 3:00 p.m., New York
City time (or the closing of the market, if earlier), on such
Interest Determination Date, by (and appearing in written records
of) three leading primary United States government securities
dealers in New York City selected by the Calculation Agent; or
(iv) if the information specified in subparagraphs (i)
and (ii) above is not available at any Interest Determination
Date and at least three price quotations for the Reference
Treasury Note are not available at that Interest Determination
Date from leading primary dealers in New York City as provided
in subparagraph (iii) above, then the three-year CMT for the
applicable Interest Period shall be the yield to maturity of the
Reference Treasury Note, as calculated by the Calculation Agent
on the basis of the arithmetic mean of the secondary market bid
side prices for such Reference Treasury Note quoted as of 3:00
p.m., New York City time (or the closing of the market, if
earlier), on such Interest Determination Date, by (and appearing
in the written records of) any three primary United States
government securities dealers selected by the Calculation Agent
(irrespective of where such dealers may be located); or
(v) if the information specified in subparagraphs (i) and
(ii) above is not available at any Interest Determination Date
and the Calculation Agent is unable to obtain the requisite
quotations specified in either subparagraph (iii) above or
subparagraph (iv) above, then the interest rate on the CMT Note
for the applicable Interest Period shall be the same as the
interest rate on the CMT Note in effect at that Interest
Determination Date.
