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Citigroup to price dual directional barrier notes linked to S&P 500
By Marisa Wong
Morgantown, W.Va., April 25 – Citigroup Global Markets Holdings Inc. plans to price 0% dual directional barrier securities due Oct. 29, 2020 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be guaranteed by Citigroup Inc.
If the index finishes at or above the initial level, the payout at maturity will be par plus the index return, subject to a maximum return that is expected to be 20% to 22% and will be set at pricing.
If the index finishes below the initial level but at or above the barrier level, 70% of the initial level, the payout at maturity will be par plus the absolute value of the index return.
If the index finishes below the barrier level, investors will have one-to-one exposure to the index’s decline from its initial level.
Citigroup Global Markets Inc. is the underwriter.
The notes will price April 26.
The Cusip number is 17324CH66.
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