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Citi plans 10% contingent income autocalls tied to Valero Energy
By Susanna Moon
Chicago, May 24 – Citigroup Global Markets Holdings Inc. plans to price autocallable contingent income barrier notes due May 28, 2021 linked to Valero Energy Corp. stock, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annualized rate of 10% if the stock closes at or above the 75% coupon barrier on the observation date for that quarter.
The notes will be called at par if the stock closes at or above its initial level on any valuation date other than the final date.
The payout at maturity will be par unless the underlying stock finishes below its 75% downside threshold, in which case investors will be fully exposed to any losses.
The notes will be guaranteed by Citigroup Inc.
Citigroup Global Markets Inc. is the underwriter.
The notes will price on May 25.
The Cusip number is 17326K189.
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