Citigroup plans contingent coupon autocallables linked to S&P, Russell

By Angela McDaniels

Tacoma, Wash., Sept. 6 – Citigroup Global Markets Holdings Inc. plans to price autocallable contingent coupon equity-linked securities due Sept. 14, 2022 linked to the lesser performing of the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.

Each month, the notes will pay a contingent coupon at the rate of 7.5% per year if the lesser-performing index closes at or above its final buffer value, 80% of its initial level, on the valuation date for that month.

Beginning in September 2020, the notes will be automatically called at par if the lesser-performing index closes at or above its initial level on any potential autocall date, which occur quarterly.

The payout at maturity will be par unless the lesser-performing index finishes below its final buffer value, in which case investors will lose 1.25% for every 1% that the lesser-performing index declines beyond 20%.

The notes will be guaranteed by Citigroup Inc.

Citigroup Global Markets Inc. is the underwriter.

The notes will price Sept. 6.

The Cusip number is 17327TLV6.

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