Citigroup plans upside reset notes linked to SPDR S&P 500 ETF

By Angela McDaniels

Tacoma, Wash., July 11 – Citigroup Global Markets Holdings Inc. plans to price 0% barrier securities with upside reset feature due Aug. 4, 2022 linked to the SPDR S&P 500 ETF trust, according to a 424B2 filing with the Securities and Exchange Commission.

A reset event will occur if the ETF closes below the reset barrier value, 90% of the initial share price, on any day during the period from but excluding the pricing date to and including Feb. 1, 2021.

If a reset event occurs, the upside barrier value will be equal to the reset barrier value. If a reset event does not occur, the upside barrier value will be equal to the initial share price.

If the final share price is greater than the upside barrier value, the payout at maturity will be par plus the return amount, which will equal (i) the final share price minus the upside barrier value divided by (ii) the initial share price.

If the final share price is less than or equal to the upside barrier value but greater than or equal to the downside barrier value, 80% of the initial share price, the payout will be par.

If the final share price is less than the downside barrier value, the payout will be a number of ETF shares equal to $1,000 divided by the initial share price or, at the issuer’s option, an amount in cash equal to the value of those shares.

The note will be guaranteed by Citigroup Inc.

Citigroup Global Markets Inc. is the underwriter.

The notes will price July 30.

The Cusip number is 17324XQD5.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.