Citigroup eyes autocallable securities due 2024 on Russell, S&P

By Wendy Van Sickle

Columbus, Ohio, Dec. 11 – Citigroup Global Markets Holdings Inc. plans to sell 0% autocallable securities due Jan. 3, 2024 linked to the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will be guaranteed by Citigroup Inc.

The notes will be automatically called at par plus an annualized redemption premium of 9.5% if the closing price of each underlying index is at or above its initial level on any quarterly redemption date beginning Dec. 30, 2019.

If the notes are not called, the payout at maturity will be par plus 47.5% if each index finishes above its respective initial level.

The payout will be par if either or both indexes fall by up to 50%. If one or both underlying indexes finish below 50% of their respective initial prices, investors will lose 1% for each 1% decline of the least-performing index from its initial level.

Citigroup Global Markets Inc. is the underwriter.

The notes (Cusip: 17326YQ41) will price on Dec. 28 and settle on Jan. 3.

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