Citigroup plans 10%-11% autocallables tied to Halliburton, Schlumberger

By Angela McDaniels

Tacoma, Wash., Sept. 6 – Citigroup Global Markets Holdings Inc. plans to price autocallable equity-linked securities due Sept. 16, 2022 linked to the lesser performing of the common stocks of Halliburton Co. and Schlumberger NV (Schlumberger Ltd.), according to a 424B2 filing with the Securities and Exchange Commission.

The interest rate is expected to be 10% to 11% per year and will be set at pricing. Interest will be payable quarterly.

Beginning March 13, 2020, the notes will be automatically called at par if the lesser-performing stock closes at or above its initial share price on any quarterly valuation date other than the final one.

The payout will be par unless the lesser-performing stock’s final share price is less than its downside threshold price, in which case investors will lose 1% for every 1% that the lesser-performing stock declines from its initial share price.

The notes will be guaranteed by Citigroup Inc.

Citigroup Global Markets Inc. is the underwriter.

The notes will price Sept. 13.

The Cusip number is 17327TFR2.

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