Citigroup plans fixed-to-contingent coupon notes tied to indexes

By Wendy Van Sickle

Columbus, Ohio, Dec. 12 – Citigroup Global Markets Holdings Inc. plans to price fixed-to-contingent coupon notes due Dec. 30, 2031 linked to the S&P 500 index, the Euro Stoxx 50 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.

The notes are guaranteed by Citigroup Inc.

The coupon rate will be 10% for the first year, payable quarterly. After that, a contingent coupon at an annualized rate of 10% will be paid quarterly if each index closes at or above its 75% coupon barrier on the observation date for that quarter.

The payout at maturity will be par unless any index finishes below its 50% final barrier level, in which case investors will be fully exposed to the decline of the least performing index.

The notes (Cusip: 17324CDE3) are expected to price on Dec. 22 and settle three business days after that.

Citigroup Global Markets Inc. and Incapital LLC are the agents.

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