Citigroup to price dual directional barrier notes on SPDR S&P 500 ETF

By Devika Patel

Knoxville, Tenn., Dec. 27 – Citigroup Global Markets Holdings Inc. plans to price 0% dual directional barrier securities due Aug. 3, 2021 linked to the SPDR S&P 500 ETF trust, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will be guaranteed by Citigroup Inc.

If the fund finishes at or above the initial level, the payout at maturity will be par plus the fund gain, subject to a maximum payout of 18% to 20%. The exact cap will be set at pricing.

If the fund finishes below the initial level but at or above the barrier level, 72.5% of the initial level, the payout at maturity will be par plus the absolute value of the fund return.

If the fund finishes below the barrier level, investors will receive a number of fund shares equal to the principal divided by the initial share price or, at the issuer’s option, the cash equivalent.

Citigroup Global Markets Inc. is the underwriter.

The notes (Cusip: 17324XKL3) will price Jan. 29 and settle three business days after pricing.

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