Citi eyes contingent coupon autocalls due 2025 tied to three stocks

By Sarah Lizee

Olympia, Wash., Nov. 4 – Citigroup Global Markets Holdings Inc. plans to price autocallable contingent coupon equity-linked securities due Nov. 14, 2025 tied to the common stocks of Microsoft Corp., Bank of America Corp. and Philip Morris International Inc., according to a 424B2 filing with the Securities and Exchange Commission.

The notes are guaranteed by Citigroup Inc.

The notes carry a coupon of 11.2% per year, payable quarterly if each stock closes above its coupon barrier, 50% of its initial level, on the observation date for that period.

The notes will be automatically redeemed at par plus interest if the worst-performing stock closes at or above its initial price on any quarterly autocall date after one year.

If the notes are not called and the final price each stock is at least 50% of its initial price, the payout at maturity will be par. Otherwise, investors will be fully exposed to the loss of the least performing stock.

Citigroup Global Markets Inc. is the underwriter.

The notes will price on Nov. 8.

The Cusip number is 17327TFN1.

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