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Citi plans contingent absolute return autocallables linked to GT
By Angela McDaniels
Tacoma, Wash., Aug. 20 – Citigroup Inc. plans to price 0% contingent absolute return autocallable optimization securities due Aug. 31, 2015 linked to the common stock of GT Advanced Technologies Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be called at par of $10 plus an annualized call premium of 24% to 27% if GT Advanced Technologies stock closes at or above the initial share price on any quarterly observation date. The exact call premium will be set at pricing.
If the notes are not called and the final share price is greater than or equal to the trigger price, 50% of the initial share price, the payout at maturity will be par plus the absolute value of the stock return. Otherwise, investors will be fully exposed to the stock decline.
Citigroup Global Markets Inc. is the underwriter, and UBS Financial Services Inc. is agent.
The notes are expected to price Aug. 22 and settle Aug. 29.
The Cusip number is 17322H248.
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