Citigroup plans autocallable contingent coupon notes linked to Apple

By Susanna Moon

Chicago, Dec. 7 – Citigroup Inc. plans to price autocallable contingent coupon equity-linked securities due Dec. 21, 2017 linked to Apple, Inc. shares, according to an FWP filed with the Securities and Exchange Commission.

The notes will pay a contingent quarterly coupon at an annual rate of 7% to 8% if Apple stock closes at or above the coupon barrier level, 80% of the initial price, on the valuation date for that quarter. The exact contingent coupon rate will be set at pricing.

The notes will be called at par plus the contingent coupon if Apple shares close at or above the initial share price on any valuation date after one year other than the final one.

The payout at maturity will be par plus the contingent coupon unless the stock finishes below the 80% trigger level, in which case investors receive a number of Apple shares equal to $1,000 divided by the initial share price or, at the issuer’s option, the cash equivalent.

Citigroup Global Markets Inc. is the agent.

The notes will price on Dec. 18.

The Cusip number is 17298C4Y1.

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