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Citigroup to price geared buffer range accrual notes linked to Russell
By Angela McDaniels
Tacoma, Wash., June 24 - Citigroup Inc. plans to price callable geared buffer range accrual notes due July 2, 2018 linked to the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate will be 8.5% to 8.8% per year - the exact percentage will be set at pricing - multiplied by the proportion of days on which the index closes above the accrual barrier level, which will be 85% of the initial index level. Interest will be payable quarterly.
Beginning July 2, 2015, the notes will be callable at par on any interest payment date.
If the final index level is at least 85% of the initial index level, the payout at maturity will be par. Otherwise, investors will lose 1.1765% for every 1% that the index declines beyond 15%.
Citigroup Global Markets Inc. is the underwriter.
The notes are expected to price June 25 and settle June 28.
The Cusip number is 1730T0TUC1.
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