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Citigroup plans annual reset coupon securities linked to Russell 2000
By Tali Rackner
Norfolk, Va., Oct. 30 – Citigroup Inc. plans to price annual reset coupon securities due Nov. 30, 2021 linked to the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable annually. If the index return is zero or positive, the coupon will be 5.25% to 5.75%, with the exact rate to be set at pricing. If the index return is negative, the coupon will be 3%. The index's return will be measured compared to its level a year earlier.
The payout at maturity will be par unless the final index level is less than 85% of the initial index level, in which case investors will lose 1% for every 1% that the index declines beyond 15%.
Citigroup Global Markets Inc. is the agent.
The notes will price on Nov. 24.
The Cusip number is 17298C3V8.
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