Citigroup plans contingent coupon callables tied to Dow, Russell, S&P

By Devika Patel

Knoxville, Tenn., May 22 – Citigroup Global Markets Holdings Inc. plans to price callable contingent coupon equity-linked securities due May 31, 2024 linked to the worse performing of the Dow Jones industrial average, the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

The notes are guaranteed by Citigroup Global Markets Inc.

The notes will pay a contingent quarterly coupon at an annual rate of 8% if each index closes at or above its 60% coupon barrier on the review date for that quarter.

Beginning on Nov. 27, 2020 and ending on Feb. 26, 2024, the notes are callable at par on any coupon payment date.

The payout at maturity will be par plus the coupon unless any index finishes below its 60% final barrier level, in which case investors will lose 1% for each 1% decline of the worse performing index from its initial level.

Citigroup Global Markets Inc. is the agent.

The notes (Cusip: 17328VQK9) will price on May 26 and settle on May 29.

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