Citi plans contingent coupon autocallable notes on Microsoft

By Sarah Lizee

Olympia, Wash., Sept. 16 – Citigroup Global Markets Holdings Inc. plans to price contingent coupon autocallable notes due Sept. 28, 2021 linked to Microsoft Corp. common shares, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will be guaranteed by Citigroup Inc.

If the stock closes at or above the coupon barrier level, 80% of the initial share price, on a quarterly observation date, the notes will pay a contingent payment for that quarter at a rate of 7% to 8% per year.

Starting in March 2020, if the closing share price is greater than or equal to the initial share price on any quarterly review date, the notes will be automatically redeemed at par plus the contingent payment.

If the notes are not called, the payout at maturity will be par unless the stock finishes below its 80% knock-in level, in which case investors will receive par plus the return of the stock with full exposure to the decline.

Citigroup Global Markets Holdings Inc. is the agent.

The notes will price on Sept. 23.

The Cusip number is 17324XTU4.

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