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CpN pays 6.37% plus 3 month SOFR plus .26% on $25 par. Current yield on $25 par is over 10%. Currently trading about $29.75 which means the market doesn't believe C will call it at $25. Its a trust preferred which has some benefits to C tax wise. The debt underlying the pfd is due in 2040. Citi debt due in 2040 yields 5.65%. Seems C could call it with proceeds from a debt offering and save over 3%. Any ideas?