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Citigroup plans contingent coupon autocallables on three bank stocks
By Marisa Wong
Morgantown, W.Va., Nov. 9 – Citigroup Global Markets Holdings Inc. plans to price autocallable contingent coupon equity-linked securities due Nov. 14, 2019 linked to the least performing of the common stocks of Bank of America Corp., Wells Fargo & Co. and JPMorgan Chase & Co., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be guaranteed by Citigroup Inc.
Each quarter, the notes will pay a contingent coupon at an annual rate of 8% if each stock closes at or above its 70% coupon barrier on the valuation date for that quarter.
The notes will be called at par plus the contingent coupon if each stock closes at or above its initial price on any quarterly valuation date.
The payout at maturity will be par plus the contingent coupon, if any, unless any stock finishes below its 65% barrier level, in which case investors will be fully exposed to any decline of the worst performing stock.
Citigroup Global Markets Inc. is the underwriter.
The notes will price on Nov. 10.
The Cusip number is 17324XGZ7.
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