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Citigroup to price barrier range accrual notes linked to Russell 2000
By Angela McDaniels
Tacoma, Wash., March 6 - Citigroup Inc. plans to price callable barrier range accrual notes due April 3, 2023 linked to the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate will be 7% per year multiplied by the proportion of days on which the index closes above the accrual barrier level, which will be 70% of the initial index level. Interest will be payable quarterly.
The payout at maturity will be par unless the index finishes at or below the final barrier level, in which case investors will share fully in losses. The final barrier level will be 50% of the initial index level.
Beginning April 1, 2015, the notes will be callable at par on any interest payment date.
Citigroup Global Markets Inc. is the underwriter.
The notes are expected to price March 25 and settle three business days later.
The Cusip number is 1730T0SF7.
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