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Citigroup plans contingent coupon autocallables tied to Russell, ETFs
By Angela McDaniels
Tacoma, Wash., April 4 – Citigroup Global Markets Holdings Inc. plans to price autocallable contingent coupon equity-linked securities due April 21, 2023 linked to the worst performing of the Russell 2000 index, the SPDR S&P Oil & Gas Exploration & Production exchange-traded fund and the iShares MSCI EAFE exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be guaranteed by Citigroup Inc.
Each quarter, the notes will pay a contingent coupon at the rate of 8% per year if the worst-performing underlier closes at or above its barrier value, 60% of its initial level, on the valuation date for that quarter.
Beginning in April 2020, the notes will be automatically called at par if the worst-performing underlier closes at or above its initial level on any quarterly potential redemption date.
If the final level of the worst-performing underlier is greater than or equal to its barrier value, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% that the worst-performing underlier declines from its initial level.
Citigroup Global Markets Inc. is the underwriter.
The notes will price April 18.
The Cusip number is 17326YPL4.
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