Citigroup eyes contingent coupon autocalls on Halliburton, Schlumberger

By Wendy Van Sickle

Columbus, Ohio, Jan. 12 – Citigroup Global Markets Holdings Inc. plans to price autocallable contingent coupon equity-linked securities due Feb. 2, 2021 linked to the lesser performing of the common stocks of Schlumberger NV and Halliburton Co., according to a 424B2 filing with the Securities and Exchange Commission.

The notes are guaranteed by Citigroup Inc.

Each quarter, the notes pay a contingent coupon at an annualized rate of 8.5% to 9% if the lesser-performing stock closes at or above its coupon barrier price, 65% of its initial share price, on the valuation date for that quarter.

After six months, the notes will be automatically called at par plus the contingent coupon if the lesser-performing stock closes at or above its initial share price on any quarterly valuation date.

If the final share price of the lesser-performing stock is greater than or equal to its 65% final barrier price, the payout at maturity will be par plus the contingent coupon. Otherwise, investors will be fully exposed to the decline of the lesser-performing stock.

Citigroup Global Markets Inc. is the underwriter.

The notes will price on Jan. 26.

The Cusip number is 17324CQQ2.

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