By Marisa Wong
Morgantown, W.Va., Sept. 8 – Citigroup Inc. priced $1.29 million of autocallable contingent coupon equity-linked securities due Aug. 31, 2017 linked to the common units of Blackstone Group LP, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at an annualized rate of 11% if Blackstone units close at or above the barrier price, 75% of the initial price, on the valuation date for that quarter.
Beginning Aug. 29, 2016, the notes will be automatically called at par plus the contingent coupon if Blackstone units close at or above the initial unit price on any quarterly valuation date other than the final one.
If the final unit price is greater than or equal to the barrier price, the payout at maturity will be par plus the contingent coupon. Otherwise, investors will be fully exposed to the price decline.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Inc.
|
| Issue: | Autocallable contingent coupon equity-linked securities
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| Underlying units: | Blackstone Group LP (NYSE: BX)
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| Amount: | $1,285,000
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| Maturity: | Aug. 31, 2017
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| Coupon: | 11% per year, payable quarterly if Blackstone units close at or above barrier price on valuation date for that quarter
|
| Price: | Par
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| Payout at maturity: | If final unit price is greater than or equal to barrier price, par plus contingent coupon; otherwise, full exposure to price decline
|
| Call: | Beginning Aug. 29, 2016, automatically at par plus contingent coupon if Blackstone units close at or above initial unit price on any quarterly valuation date other than final one
|
| Initial unit price: | $35.67
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| Barrier price: | $26.753, 75% of initial unit price
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| Pricing date: | Aug. 28
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| Settlement date: | Sept. 2
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| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 1.5%
|
| Cusip: | 17298CDP0
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