Citigroup plans price callable contingent coupon notes on S&P ETF

By Sarah Lizee

Olympia, Wash., May 18 – Citigroup Global Markets Holdings Inc. plans to price callable contingent coupon notes due Dec. 2, 2021 linked to the SPDR S&P 500 ETF trust, according to a 424B2 filing with the Securities and Exchange Commission.

The notes are guaranteed by Citigroup Inc.

The notes pay a contingent quarterly coupon at an annualized rate of 8% if the fund closes at or above its coupon barrier level, 75% of the initial value, on the related observation date.

The notes will be callable at par on any quarterly observation date other than the final one.

If the notes are not called and the fund finishes at or above its 55% barrier level, the payout at maturity will be par. Otherwise, investors will be fully exposed to the decline of the fund.

Citigroup Global Markets Inc. is the underwriter.

The notes will price on May 29.

The Cusip number is 17324XB82.

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