Citigroup plans autocallable contingent coupon equity notes on Apple

By Sarah Lizee

Olympia, Wash., Aug. 14 – Citigroup Global Markets Holdings Inc. plans to price autocallable contingent coupon equity-linked securities due Aug. 31, 2020 linked to the common stock of Apple Inc., according to a 424B2 filing with the Securities and Exchange Commission.

The notes will be guaranteed by Citigroup Inc.

The notes will pay a contingent quarterly coupon at an annualized rate of 8% to 9% if the shares close at or above the 80% coupon barrier level on the observation date for that quarter.

The notes will be automatically called at par plus the contingent coupon if the stock closes at or above the initial price on any valuation date.

The payout at maturity will be par plus the final coupon unless the shares finish below the 80% final barrier level, in which case investors will receive a fixed number of underlying shares equal to the equity ratio, which is the stated principal amount divided by the initial level, or at the issuer’s option, the cash value of those shares.

Citigroup Global Markets Inc. is the underwriter.

The notes (Cusip: 17324XQA1) are expected to price on Aug. 26.

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