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Citigroup plans contingent coupon autocallables linked to Valero
By Susanna Moon
Chicago, Feb. 22 – Citigroup Global Markets Holdings Inc. plans to price autocallable contingent coupon equity-linked securities due Feb. 28, 2018 linked to Valero Energy Corp. stock, 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 9.5% if Valero stock closes at or above the coupon barrier, 75% of the initial price, on the valuation date for that quarter.
The notes will be called at par of $1,000 plus the contingent coupon if Valero shares close at or above the initial share price on any valuation date from May 2017 and ending in November 2017.
The payout at maturity will be par plus the contingent coupon unless the stock finishes below the 75% barrier level, in which case investors receive a number of Valero shares equal to $1,000 divided by the initial share price or, at the company’s option, the cash equivalent.
Citigroup Global Markets Inc. is the underwriter.
The notes will price on Feb. 23.
The Cusip number is 17324XBA7.
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