Citibank to price five-year market-linked CDs linked to S&P 500

By Marisa Wong

Morgantown, W.Va., July 23 – Citibank, NA plans to price 0% market-linked certificates of deposit due July 28, 2023 linked to the S&P 500 index, according to a term sheet.

The payout at maturity will be par plus 110% to 120% of the average index return, subject to a minimum payout of par. The exact participation rate will be set at pricing.

The average index return is the average of the interim index returns for each of the quarterly valuation dates making up the life of the CDs. The interim return is measured from the pricing date to the applicable valuation date.

Citigroup Global Markets Inc. is the agent. Incapital LLC is distributor.

The CDs will price July 25.

The Cusip number is 17294XEY8.

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