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Citigroup plans annual reset coupon securities linked to Russell 2000
By Angela McDaniels
Tacoma, Wash., May 5 – Citigroup Inc. plans to price annual reset coupon securities due June 1, 2021 linked to the Russell 2000 index, according to an FWP filing with the Securities and Exchange Commission.
Interest is payable annually. If the index return is zero or positive, the coupon will be 5% to 5.5%, with the exact rate to be set at pricing. If the index return is negative, the coupon will be 3%. The index's return will be measured from its level a year earlier.
The payout at maturity will be par unless the final index level is less than 85% of the initial index level, in which case investors will lose 1% for every 1% that the index declines beyond 15%.
Citigroup Global Markets Inc. is the agent.
The notes will price May 27.
The Cusip number is 17298CAM0.
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