Citi plans 9.35%-10.35% contingent coupon ELKS on Target, Walmart

By Susanna Moon

Chicago, March 1 – Citigroup Global Markets Holdings Inc. plans to price autocallable contingent coupon Equity Linked Securities due March 11, 2024 linked to the worse performing of the common stocks of Target Corp. and Walmart Inc., according to a 424B2 filing with the Securities and Exchange Commission.

The notes pay a contingent quarterly coupon at an annual rate of 9.35% to 10.35% if each underlying asset closes at or above its 60% coupon barrier on the observation date for that quarter.

The notes will be called if each stock closes at or above its initial level on any quarterly observation date.

The payout at maturity will be par unless either stock finishes below its 60% downside threshold, in which case investors will receive a number of shares of the worse performing stock equal to par of $1,000 divided by the initial share price or, at the issuer’s option, the cash equivalent.

The notes will be guaranteed by Citigroup Inc.

Citigroup Global Markets Inc. is the underwriter.

The notes will price on March 6.

The Cusip number is 17326YM78.

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