Citigroup Announces Early Redemption of its C-Tracks ETN Based on the Citi Volatility Index Total Return
May 06 2016 - 8:30AM
Business Wire
Citigroup Inc. announced today that it will early redeem its
C-Tracks Exchange-Traded Notes Based on the Citi Volatility Index
Total Return (NYSE Arca: CVOL) Due November 12, 2020 on May 24,
2016.
Citigroup expects to deliver notice via The Depository Trust
Company of the early redemption of CVOL no later than May 10, 2016.
Investors will receive a cash payment per ETN equal to the sum of
the index exposure and notional cash amount determined over the
Mandatory Redemption Valuation Period. The Mandatory Redemption
Valuation Period is expected to be between May 16, 2016 and May 20,
2016 inclusive. The calculation of the index exposure and notional
cash amount during this period simulates a proportionate allocation
from index exposure to cash on a daily basis. This means the value
of CVOL will not be based entirely on the fluctuations of the
underlying index during this period and investors will not entirely
benefit from increases in the value of the underlying index as the
notional cash amount increases relative to the index exposure
amount. Moreover, even for the calculated cash position represented
by the notional cash amount, investors will not be compensated for
any interest or time value of money during this period prior to
their receiving the payment upon redemption. Payments will be made
to investors on May 24, 2016. The last day of trading for CVOL will
be May 23, 2016.
None of the other ETNs offered by Citigroup are affected by this
announcement. For more information, you should review the pricing
supplement for the ETN, which is available at the following
hyperlink:
http://www.c-tracksetns.com/MediaLibrary/d794c081-a732-4431-80c3-cbc08ac24464/Citi.Volatility.C.Tracks.Pricing.Supplement.Amendment.No.9.PDF
Investing in the ETN involves significant risks. You should read
the section entitled “Risk Factors Relating to the C-Tracks” in the
pricing supplement for a detailed list of risk factors associated
with investing in the C-Tracks.
To learn more about CVOL, visit
http://www.c-tracksetns.com/ETN-Citi-Volatility-Index-CVOL today or
call us at 212-723-7349.
Citigroup Inc., the issuer, has filed a registration statement
(including a pricing supplement, a prospectus supplement and a
prospectus) with the Securities and Exchange Commission (“SEC”) for
the offering to which this communication relates. Before you
invest, you should read the pricing supplement, the prospectus
supplement and the prospectus in that registration statement (File
No. 333-192302) and the other documents Citigroup Inc. has filed
with the SEC for more complete information about Citigroup Inc. and
this offering. You may get these documents for free by visiting
EDGAR on the SEC website at www.sec.gov. Alternatively, you can
request the pricing supplement, prospectus supplement and
prospectus by calling toll-free 1-877-858-5407.
© 2016 Citigroup Inc. Member SIPC. All rights reserved. Citi and
Citi and Arc Design are trademarks and service mark of Citigroup
Inc. or its affiliates and are used and registered throughout the
world.
Citi, the leading global bank, has approximately 200 million
customer accounts and does business in more than 160 countries and
jurisdictions. Citi provides consumers, corporations, governments
and institutions with a broad range of financial products and
services, including consumer banking and credit, corporate and
investment banking, securities brokerage, transaction services, and
wealth management.
Additional information may be found at http://www.citigroup.com
| Twitter: @Citi | YouTube: http://www.youtube.com/citi | Blog:
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| LinkedIn: www.linkedin.com/company/citi.
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version on businesswire.com: http://www.businesswire.com/news/home/20160506005057/en/
Media:For Citigroup Inc.Scott Helfman +1 212-816-9241
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