Citigroup eyes autocallable securities due 2024 on Russell, S&P

By Sarah Lizee

Olympia, Wash., Jan. 3 – Citigroup Global Markets Holdings Inc. plans to sell 0% autocallable securities due Feb. 5, 2024 linked to the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will be guaranteed by Citigroup Inc.

The notes will be automatically called at par plus an annualized redemption premium of between 11% and 12% if the closing price of each underlying index is at or above its initial level on any annual redemption date beginning Jan. 31, 2020. The exact premium will be set at pricing.

If the notes are not called, the payout at maturity will be par plus the 55% to 60% premium if each index finishes above its respective initial level.

The payout will be par if the worst performing index falls by up to 60% of its initial level. If either underlying index finishes below the 60% trigger level investors will lose 1% for each 1% decline of the least-performing index.

Citigroup Global Markets Inc. is the underwriter.

The notes (Cusip: 17326YG91) will price on Jan. 31 and settle on Feb. 5.

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