Citigroup to price trigger step performance securities tied to S&P 500

By Toni Weeks

San Luis Obispo, Calif., June 6 - Citigroup Inc. plans to price 0% trigger step performance securities due Dec. 29, 2016 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the index return is zero or positive, the payout at maturity will be par of $10 plus the greater of the index return and the step return, which is expected to be 18% to 22% and will be determined at pricing.

Investors will receive par if the index falls by up to 20% and will be fully exposed to losses from the initial level if it falls more than 20%.

The notes (Cusip: 173095431) are expected to price June 25 and settle three business days later.

Citigroup Global Markets Inc. is the underwriter, and UBS Financial Services Inc. is the dealer.

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