Citigroup to price contingent coupon autocallables linked to Alphabet

By Devika Patel

Knoxville, Tenn., Oct. 11 – Citigroup Global Markets Holdings Inc. plans to price autocallable contingent coupon equity linked securities due Oct. 28, 2021 linked to the common stock of Alphabet Inc., according to a 424B2 filing with the Securities and Exchange Commission.

The notes will be guaranteed by Citigroup Inc.

The notes will pay a contingent semiannual coupon at an annualized rate of 7% to 8% if Alphabet stock closes at or above the coupon barrier price, 80% of the initial price, on the valuation date for that period. The exact coupon will be set at pricing.

The notes will be automatically called at par of $1,000 plus the contingent coupon if Alphabet shares close at or above the initial share price on April 23, 2020, Oct. 23, 2020 or April 23, 2021.

If the final share price is greater than or equal to the barrier price, 80% of the initial price, the payout at maturity will be $5,000 per $1,000 of notes. Otherwise, investors receive a number of Alphabet shares equal to $1,000 divided by the initial share price or, at the company’s option, the cash equivalent.

Citigroup Global Markets Inc. is the underwriter.

The notes (Cusip: 17324XTP5) will price Oct. 23 and settle Oct. 28.

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