Citigroup to price contingent coupon autocallables linked to ETFs

By Sarah Lizee

Olympia, Wash., Nov. 22 – Citigroup Global Markets Holdings Inc. plans to price autocallable contingent coupon equity-linked securities due Nov. 29, 2024 linked to the lesser performing of the SPDR S&P Oil & Gas Exploration & Production ETF and the VanEck Vectors Gold Miners ETF, according to a 424B2 filing with the Securities and Exchange Commission.

Each quarter, the notes pay a contingent coupon at the rate of 10% to 12% per year if the lesser-performing ETF closes at or above its coupon barrier value, 55% of its initial share price, on the valuation date for that quarter.

Starting in November 2020, the notes will be automatically called at par if the lesser-performing ETF closes at or above its initial share price on any quarterly valuation date.

The payout at maturity will be par unless the lesser-performing ETF finishes below its final barrier value, 55% of its initial share price, in which case investors will lose 1% for every 1% that the lesser-performing ETF declines from its initial level.

The notes are guaranteed by Citigroup Inc.

Citigroup Global Markets Inc. is the underwriter.

The notes will price on Nov. 25.

The Cusip number is 17327TSK3.

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