By Marisa Wong
Morgantown, W.Va., Aug. 14 – Citigroup Inc. priced $3.4 million of 0% geared buffer securities due Oct. 17, 2016 linked to the SPDR S&P Biotech exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
If the final share price is greater than the initial price, the payout at maturity will be par plus 1.5 times the gain, subject to a maximum return of 28.4%.
If the fund falls by up to 10%, the payout will be par.
If the fund falls by more than 10%, investors will lose 1.1111% for every 1% decline beyond the buffer.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Inc.
|
| Issue: | Geared buffer securities
|
| Underlying ETF: | SPDR S&P Biotech ETF
|
| Amount: | $3,395,000
|
| Maturity: | Oct. 17, 2016
|
| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | Par plus 1.5 times any fund gain, capped at 28.4%; par if fund falls by up to 10%; otherwise, 1.1111% loss for every 1% drop beyond 10%
|
| Initial price: | $236.13
|
| Buffer amount: | 10%
|
| Pricing date: | Aug. 12
|
| Settlement date: | Aug. 17
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 2%
|
| Cusip: | 17298CDS4
|
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