Citi plans 1% protected market-linked notes with averaging on S&P 500

By Susanna Moon

Chicago, Sept. 19 – Citigroup Inc. plans to price 1% market-linked notes due Oct. 7, 2021 tied to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable semiannually.

The payout at maturity will be par plus the average index return, up to a maximum return of 24% to 26%. The exact cap will be set at pricing.

The average return will be set using the arithmetic average of the interim index return percentages on Jan. 4, 2021, April 5, 2021, July 2, 2021 and Oct. 4, 2021.

If the index falls, the payout will be par.

Citigroup Global Markets Inc. and UBS Financial Services Inc. are the agents.

The notes will price on Oct. 2.

The Cusip number is 1730T0Z28.

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