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Citigroup plans trigger step securities due 2021 linked to S&P 500
By Marisa Wong
Morgantown, W.Va., Feb. 22 – Citigroup Global Markets Holdings Inc. plans to price 0% trigger step securities due Feb. 26, 2021 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
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 26.5% to 30.5% and will be set at pricing.
If the index declines by 25% or less, the payout will be par.
If the index declines beyond 25%, investors will be exposed to the index’s decline from its initial level.
Citigroup Global Markets Inc. and UBS Financial Services Inc. are the agents.
The notes will price on Feb. 23.
The Cusip number is 17325E317.
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