By Susanna Moon
Chicago, Dec. 23 – Citigroup Inc. priced $3.53 million of autocallable contingent coupon equity-linked securities due Dec. 21, 2017 linked to Apple Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 7.5% if Apple stock closes at or above the barrier price, 80% of the initial price, on the valuation date for that quarter.
The notes will be called at par plus the contingent coupon if Apple shares close at or above the initial share price on any quarterly valuation date beginning Dec. 19, 2016 except the final date.
The payout at maturity will be par plus the contingent coupon unless the stock finishes below the barrier level, in which case investors will 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 underwriter.
| Issuer: | Citigroup Inc.
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| Issue: | Autocallable contingent coupon equity-linked securities
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| Underlying stock: | Apple Inc. (Nasdaq: AAPL)
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| Amount: | $3,528,000
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| Maturity: | Dec. 21, 2017
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| Coupon: | 7.5% per year, payable quarterly if Apple stock closes at or above barrier price on valuation date for that quarter
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| Price: | Par
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| Payout at maturity: | If final share price is greater than or equal to barrier price, par plus contingent coupon; otherwise, 9.43129 Apple shares or, at issuer's option, amount in cash equal to value of those shares
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| Call: | At par plus contingent coupon if Apple shares close at or above initial share price on any quarterly valuation date beginning Dec. 19, 2016 and prior to the final valuation date
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| Initial share price: | $106.03
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| Barrier price: | $84.824, 80% of initial share price
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| Pricing date: | Dec. 18
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| Settlement date: | Dec. 23
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 2%
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| Cusip: | 17298C4Y1
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