Obligation CitiCorp 0% ( US17321F7556 ) en USD

CitiCorp

100 % ▲

Etas-Unis

US17321F7556 ( en USD )

0%

03/11/2022 - Obligation échue

Prospectus brochure de l'obligation Citigroup US17321F7556 en USD 0%, échue

1 000 USD

2 201 000 USD

17321F755

N/A

NR

Citigroup est une société financière multinationale américaine offrant une large gamme de services financiers, notamment des services bancaires de détail, des services bancaires d'investissement, la gestion d'actifs et les services de cartes de crédit, à travers le monde.

Une analyse de l'obligation de type dette, identifiée par le code ISIN US17321F7556 et le code CUSIP 17321F755, révèle une émission par Citigroup, une institution financière mondiale majeure basée aux États-Unis. En tant que conglomérat de services financiers de premier plan, Citigroup opère à l'échelle internationale, offrant un éventail complet de services bancaires aux consommateurs et aux entreprises, de gestion de patrimoine et de services de marchés financiers, ce qui en fait un émetteur régulier et influent sur les marchés de capitaux mondiaux. Cette obligation spécifique, libellée en dollars américains (USD) et émise sur le territoire des États-Unis, représentait une taille totale de 2 201 000 unités, avec une taille minimale d'acquisition fixée à 1 000 unités, et a été observée à un prix de marché de 100%. Caractérisée par un taux d'intérêt de 0 et une fréquence de paiement semestrielle, cette émission est arrivée à maturité le 3 novembre 2022 et a été intégralement remboursée, marquant la fin de son cycle de vie. Il est à noter que l'obligation n'a pas été notée par l'agence Moody's, apparaissant comme "NR" (Non Notée).

http://www.sec.gov/Archives/edgar/data/831001/000095010313006401/...
424B2 1 dp41692_424b2-2435.htm PRICING SUPPLEMENT

October 31, 2013
Medium-Term Senior Notes, Series H
Pricing Supplement No.
2013-CMTNH0198
Filed Pursuant to Rule 424(b)(2)
Registration Statement No. 333-172562
®
Overview
The notes offered by this pricing supplement are unsecured senior debt securities issued by Citigroup Inc. Unlike
conventional debt securities, the notes do not pay interest. Instead, the notes offer the potential for a positive return at
maturity equal to the appreciation, if any, of the S&P 500® Index (the "index") from its initial index level to its final index
level. If the index does not appreciate, you wil be repaid the stated principal amount of your notes at maturity but wil not
receive any return on your investment. Even if the index does appreciate from its initial index level to its final index level,
so that you do receive a positive return at maturity, there is no assurance that your total return at maturity on the notes
wil compensate you for the effects of inflation or be as great as the yield you could have achieved on a conventional debt
security of ours of comparable maturity. In exchange for the repayment of the stated principal amount at maturity even if
the index depreciates, investors in the notes must be wil ing to forgo any dividends that may be paid on the stocks that
constitute the index during the nine-year term of the notes.
In order to obtain the exposure to the index that the notes provide, investors must be wil ing to accept (i) an investment
that may have limited or no liquidity and (i ) the risk of not receiving any amount due under the notes if we default on our
obligations.
KEY TERMS
Index:
The S&P 500® Index (ticker symbol: "SPX")
Aggregate principal amount:
$2,201,000
Stated principal amount:
$10 per note
Pricing date:
October 31, 2013
Issue date:
November 5, 2013
Valuation date:
October 31, 2022, subject to postponement if such date is not a scheduled trading day or
if certain market disruption events occur
Maturity date:
November 3, 2022
Payment at maturity:
For each $10 stated principal amount note you hold at maturity:
§ If the final index level is greater than the initial index level:
$10 + the note return amount
§ If the final index level is equal to or less than the initial index level:
$10
Initial index level:
1,756.54 (the closing level of the index on the pricing date)
Final index level:
The closing level of the index on the valuation date
Index percent increase:
The final index level minus the initial index level, divided by the initial index level
Note return amount:
$10 × index percent increase
Listing:
The notes wil not be listed on any securities exchange.
CUSIP / ISIN:
17321F755 / US17321F7556
Underwriter:
Citigroup Global Markets Inc. ("CGMI"), an affiliate of the issuer, acting as principal
Underwriting fee and issue
Issue price(1)
Underwriting fee(2)
Proceeds to issuer
price:
Per note:
$10.00
$0.35
$9.65
Total:
$2,201,000.00
$77,035.00
$2,123,965.00
(1) On the date of this pricing supplement, the estimated value of the notes is $9.447 per note, which is less than the issue price. The
estimated value of the notes is based on CGMI's proprietary pricing models and our internal funding rate. It is not an indication of actual
profit to CGMI or other of our affiliates, nor is it an indication of the price, if any, at which CGMI or any other person may be willing to buy
the notes from you at any time after issuance. See "Valuation of the Notes" in this pricing supplement.
(2) For more information on the distribution of the notes, see "Supplemental Plan of Distribution" in this pricing supplement. In addition
to the underwriting fee, CGMI and its affiliates may profit from expected hedging activity related to this offering, even if the value of the
notes declines. See "Use of Proceeds and Hedging" in the accompanying prospectus.

Investing in the notes involves risks not associated with an investment in conventional debt securities.
1 of 17
11/5/2013 8:47 AM

http://www.sec.gov/Archives/edgar/data/831001/000095010313006401/...
See "Summary Risk Factors" beginning on page PS-3.

Neither the Securities and Exchange Commission (the "SEC") nor any state securities commission has approved
or disapproved of the notes or determined that this pricing supplement and the accompanying product
supplement, underlying supplement, prospectus supplement and prospectus is truthful or complete. Any
representation to the contrary is a criminal offense.

You should read this pricing supplement together with the following documents, which can be accessed via the
following hyperlinks:

Product Supplement No. EA-03-02 dated December 27, 2012 Underlying Supplement No. 2 dated December
27, 2012
Prospectus Supplement dated December 20, 2012 and Prospectus dated May 12, 2011

The notes are not bank deposits and are not insured or guaranteed by the Federal Deposit Insurance Corporation
or any other governmental agency, nor are they obligations of, or guaranteed by, a bank.

2 of 17
11/5/2013 8:47 AM

http://www.sec.gov/Archives/edgar/data/831001/000095010313006401/...

®

The terms of the notes are set forth in the accompanying product supplement, prospectus supplement and prospectus, as
supplemented by this pricing supplement. The accompanying product supplement, prospectus supplement and prospectus
contain important disclosures that are not repeated in this pricing supplement. For example, certain events may occur that
could affect your payment at maturity. These events and their consequences are described in the accompanying product
supplement in the sections "Description of the Notes--Certain Additional Terms for Notes Linked to an Index--
Consequences of a Market Disruption Event; Postponement of a Valuation Date" and "--Discontinuance or Material
Modification of an Index," and not in this pricing supplement. The accompanying underlying supplement contains important
disclosures regarding the index that are not repeated in this pricing supplement. It is important that you read the
accompanying product supplement, underlying supplement, prospectus supplement and prospectus together with this
pricing supplement in connection with your investment in the notes. Certain terms used but not defined in this pricing
supplement are defined in the accompanying product supplement.

The diagram below il ustrates your payment at maturity for a range of hypothetical percentage changes from the initial index
level to the final index level.

Investors in the notes will not receive any dividends on the stocks that constitute the index. The diagram and
examples below do not show any effect of lost dividend yield over the term of the notes. See "Summary Risk
Factors--Investing in the notes is not equivalent to investing in the index or the stocks that constitute the index" below.

Your actual payment at maturity per note wil depend on the actual final index level. The examples below are intended to
il ustrate how your payment at maturity wil depend on whether the final index level is greater than or less than the initial
index level and, if greater, by how much.

October 2013
PS-2
3 of 17
11/5/2013 8:47 AM

http://www.sec.gov/Archives/edgar/data/831001/000095010313006401/...

4 of 17
11/5/2013 8:47 AM

http://www.sec.gov/Archives/edgar/data/831001/000095010313006401/...

®

Example 1--Upside Scenario. The hypothetical final index level is 2,107.85 (a 20% increase from the initial index level),
which is greater than the initial index level.

Payment at maturity per note = $10 + the note return amount

= $10 + ($10 × index percent increase)

= $10 + ($10 × 20%)

= $10 + $2

= $12

Because the index appreciated by 20% from its initial index level to its hypothetical final index level, your payment at
maturity in this scenario would be equal to $12 per note resulting in a total return at maturity on the notes of 20%.

Example 2--Par Scenario. The hypothetical final index level is 1,405.23 (a 20% decrease from the initial index level),
which is less than the initial index level.

Payment at maturity per note = $10

Because the hypothetical final index level decreased from the initial index level, your payment at maturity in this scenario
would be equal to the $10 stated principal amount per note. In this scenario, you would receive the stated principal amount
of the notes at maturity and you wil not have received any positive return on your investment.

An investment in the notes is significantly riskier than an investment in conventional debt securities. The notes are subject
to al of the risks associated with an investment in our conventional debt securities, including the risk that we may default on
our obligations under the notes, and are also subject to risks associated with the index. Accordingly, the notes are suitable
only for investors who are capable of understanding the complexities and risks of the notes. You should consult your own
financial, tax and legal advisers as to the risks of an investment in the notes and the suitability of the notes in light of your
particular circumstances.

The fol owing is a summary of certain key risk factors for investors in the notes. You should read this summary together
with the more detailed description of risks relating to an investment in the notes contained in the section "Risk Factors
Relating to the Notes" beginning on page EA-6 in the accompanying product supplement and the description of risks relating
to the index contained in the section "Risk Factors" beginning on page 1 in the accompanying underlying supplement. You
should also careful y read the risk factors included in the documents incorporated by reference in the accompanying
prospectus, including our most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q,
which describe risks relating to our business more general y.

n
You may not receive any return on your investment in the notes. You wil receive a positive return on your
investment in the notes only if the index appreciates from its initial index level to its final index level. If the final index
level is not greater than the initial index level, you wil receive only the stated principal amount of $10 for each note you
hold at maturity. As the notes do not pay any interest, if the index does not appreciate sufficiently from its initial index
level to its final index level over the term of the notes, the overal return on the notes may be less than the amount that
would be paid on our conventional debt securities of comparable maturity.

n
Although the notes provide for the repayment of the stated principal amount at maturity, you may
nevertheless suffer a loss on your investment in real value terms if the index declines or does not appreciate
sufficiently from its initial index level to its final index level. This is because inflation may cause the real value of
the stated principal amount to be less at maturity than it is at the time you invest, and because an investment in the
notes represents a forgone opportunity to invest in an alternative asset that does generate a positive real return. This
potential loss in real value terms is significant given the nine-year term of the notes. You should careful y consider
5 of 17
11/5/2013 8:47 AM

http://www.sec.gov/Archives/edgar/data/831001/000095010313006401/...
whether an investment that may not provide for any return on your investment, or may provide a return that is lower
than the return on alternative investments, is appropriate for you.

n
Investing in the notes is not equivalent to investing in the index or the stocks that constitute the index. You
wil not have voting rights, rights to receive dividends or other distributions or any other rights with respect to the stocks
that constitute the index. As of October 31, 2013, the average dividend yield of the index was 2.02% per year. While it
is impossible to know the future dividend yield of the index, if this average dividend yield were to remain constant for
the term of the notes, you would be forgoing an aggregate yield of approximately 18.18% (assuming no reinvestment of
dividends) by investing in the notes instead of investing directly in the stocks that constitute the index or in another
investment linked to the index that provides for a pass-through of dividends. The payment scenarios described in this
pricing supplement do not show any effect of lost dividend yield over the term of the notes. If the index appreciates, this
lost dividend yield wil cause the notes to underperform an alternative investment providing for a pass-through of
dividends and 1-to-1 exposure to the performance of the index.

n
Your payment at maturity depends on the closing level of the index on a single day. Because your payment at
maturity depends on the closing level of the index solely on the valuation date, you are subject to the risk that the
closing level of the index on that day may be lower, and possibly significantly lower, than on one or more other dates
during the term of the notes. If you had invested in another instrument linked to the index that you could sel for ful value
at a time selected by you, or if the payment at maturity were based on an average of closing levels of the index, you
might have achieved better returns.

October 2013
PS-3

6 of 17
11/5/2013 8:47 AM

http://www.sec.gov/Archives/edgar/data/831001/000095010313006401/...

®

n
The notes are subject to the credit risk of Citigroup Inc. If we default on our obligations under the notes, you may
not receive anything owed to you under the notes.

n
The notes will not be listed on a securities exchange and you may not be able to sell them prior to maturity.
The notes wil not be listed on any securities exchange. Therefore, there may be little or no secondary market for the
notes. CGMI currently intends to make a secondary market in relation to the notes and to provide an indicative bid
price for the notes on a daily basis. Any indicative bid price for the notes provided by CGMI wil be determined in
CGMI's sole discretion, taking into account prevailing market conditions and other relevant factors, and wil not be a
representation by CGMI that the notes can be sold at that price, or at all. CGMI may suspend or terminate making a
market and providing indicative bid prices without notice, at any time and for any reason. If CGMI suspends or
terminates making a market, there may be no secondary market at al for the notes because it is likely that CGMI wil
be the only broker-dealer that is wil ing to buy your notes prior to maturity. Accordingly, an investor must be prepared to
hold the notes until maturity.

n
Sale of the notes prior to maturity may result in a loss of principal. You wil be entitled to receive at least the ful
stated principal amount of your notes, subject to the credit risk of Citigroup Inc., only if you hold the notes to maturity.
The value of the notes may fluctuate during the term of the notes, and if you are able to sel your notes prior to
maturity, you may receive less than the ful stated principal amount of your notes.

n
The estimated value of the notes on the pricing date, based on CGMI's proprietary pricing models and our
internal funding rate, is less than the issue price. The difference is attributable to certain costs associated with
selling, structuring and hedging the notes that are included in the issue price. These costs include (1) the selling
concessions paid in connection with the offering of the notes, (2) hedging and other costs incurred by us and our
affiliates in connection with the offering of the notes and (3) the expected profit (which may be more or less than actual
profit) to CGMI or other of our affiliates in connection with hedging our obligations under the notes. These costs
adversely affect the economic terms of the notes because, if they were lower, the economic terms of the notes would
be more favorable to you. The economic terms of the notes are also likely to be adversely affected by the use of our
internal funding rate, rather than our secondary market rate, to price the notes. See "The estimated value of the notes
would be lower if it were calculated based on our secondary market rate" below.

n
The estimated value of the notes was determined for us by our affiliate using proprietary pricing models.
CGMI derived the estimated value disclosed on the cover page of this pricing supplement from its proprietary pricing
models. In doing so, it may have made discretionary judgments about the inputs to its models, such as the volatility of
the index, dividend yields on the stocks that constitute the index and interest rates. CGMI's views on these inputs may
differ from your or others' views, and as an underwriter in this offering, CGMI's interests may conflict with yours. Both
the models and the inputs to the models may prove to be wrong and therefore not an accurate reflection of the value of
the notes. Moreover, the estimated value of the notes set forth on the cover page of this pricing supplement may differ
from the value that we or our affiliates may determine for the notes for other purposes, including for accounting
purposes. You should not invest in the notes because of the estimated value of the notes. Instead, you should be wil ing
to hold the notes to maturity irrespective of the initial estimated value.

n
The estimated value of the notes would be lower if it were calculated based on our secondary market rate. The
estimated value of the notes included in this pricing supplement is calculated based on our internal funding rate, which is
the rate at which we are wil ing to borrow funds through the issuance of the notes. Our internal funding rate is general y
lower than the market rate implied by traded instruments referencing our debt obligations in the secondary market for
those debt obligations, which we refer to as our secondary market rate. If the estimated value included in this pricing
supplement were based on our secondary market rate, rather than our internal funding rate, it would likely be lower.
We determine our internal funding rate based on factors such as the costs associated with the notes, which are
general y higher than the costs associated with conventional debt securities, and our liquidity needs and preferences.
Our internal funding rate is not an interest rate that we wil pay to investors in the notes, which do not bear interest.

n
The estimated value of the notes is not an indication of the price, if any, at which CGMI or any other person
7 of 17
11/5/2013 8:47 AM

http://www.sec.gov/Archives/edgar/data/831001/000095010313006401/...
may be willing to buy the notes from you in the secondary market. Any such secondary market price wil fluctuate
over the term of the notes based on the market and other factors described in the next risk factor. Moreover, unlike the
estimated value included in this pricing supplement, any value of the notes determined for purposes of a secondary
market transaction will be based on our secondary market rate, which will likely result in a lower value for the notes
than if our internal funding rate were used. In addition, any secondary market price for the notes wil be reduced by a
bid-ask spread, which may vary depending on the aggregate stated principal amount of the notes to be purchased in
the secondary market transaction, and the expected cost of unwinding related hedging transactions. As a result, it is
likely that any secondary market price for the notes wil be less than the issue price.

n
The value of the notes prior to maturity will fluctuate based on many unpredictable factors. The value of your
notes prior to maturity wil fluctuate based on the level and volatility of the index and a number of other factors, including
the price and volatility of the stocks that constitute the index, the dividend yields on the stocks that constitute the index,
interest rates general y, the time remaining to maturity and our creditworthiness, as reflected in our secondary market
rate. You should understand that the value of your notes at any time prior to maturity may be significantly less than the
issue price.

October 2013
PS-4

8 of 17
11/5/2013 8:47 AM

http://www.sec.gov/Archives/edgar/data/831001/000095010313006401/...

®

n
Immediately following issuance, any secondary market bid price provided by CGMI, and the value that will be
indicated on any brokerage account statements prepared by CGMI or its affiliates, will reflect a temporary
upward adjustment. The amount of this temporary upward adjustment wil steadily decline to zero over the temporary
adjustment period. See "Valuation of the Notes" in this pricing supplement.

n
Our offering of the notes is not a recommendation of the index. The fact that we are offering the notes does not
mean that we believe that investing in an instrument linked to the index is likely to achieve favorable returns. In fact, as
we are part of a global financial institution, our affiliates may have positions (including short positions) in the stocks that
constitute the index or in instruments related to the index or such stocks, and may publish research or express opinions,
that in each case are inconsistent with an investment linked to the index. These and other activities of our affiliates may
affect the level of the index in a way that has a negative impact on your interests as a holder of the notes.

n
The level of the index may be adversely affected by our or our affiliates' hedging and other trading activities.
We have hedged our obligations under the notes through CGMI or other of our affiliates, who likely take positions
directly in the stocks that constitute the index and other financial instruments related to the index or such stocks. Our
affiliates also trade the stocks that constitute the index and other financial instruments related to the index or such
stocks on a regular basis (taking long or short positions or both), for their accounts, for other accounts under their
management or to facilitate transactions on behalf of customers. These activities could affect the level of the index in a
way that negatively affects the value of the notes. They could also result in substantial returns for us or our affiliates
while the value of the notes declines.

n
We and our affiliates may have economic interests that are adverse to yours as a result of our affiliates'
business activities. Our affiliates may currently or from time to time engage in business with the issuers of the stocks
that constitute the index, including extending loans to, making equity investments in or providing advisory services to
such issuers. In the course of this business, we or our affiliates may acquire non-public information about such issuers,
which we wil not disclose to you. Moreover, if any of our affiliates is or becomes a creditor of any such issuer, they
may exercise any remedies against such issuer that are available to them without regard to your interests.

n
The calculation agent, which is an affiliate of ours, will make important determinations with respect to the
notes. If certain events occur, such as market disruption events or the discontinuance of the index, CGMI, as
calculation agent, wil be required to make discretionary judgments that could significantly affect your payment at
maturity. In making these judgments, the calculation agent's interests as an affiliate of ours could be adverse to your
interests as a holder of the notes.

n
Adjustments to the index may affect the value of your notes. S&P Dow Jones Indices LLC (the "index publisher")
may add, delete or substitute the stocks that constitute the index or make other methodological changes that could
affect the level of the index. The index publisher may discontinue or suspend calculation or publication of the index at
any time without regard to your interests as holders of the notes.

The S&P 500® Index consists of 500 common stocks selected to provide a performance benchmark for the large
capitalization segment of the U.S. equity markets. It is calculated and maintained by S&P Dow Jones Indices LLC. The S&P
500® Index is reported by Bloomberg L.P. under the ticker symbol "SPX."

"Standard & Poor's," "S&P" and "S&P 500®" are trademarks of Standard & Poor's Financial Services LLC and have been
licensed for use by Citigroup Inc. and its affiliates. For more information, see "Equity Index Descriptions--S&P 500®
Index--License Agreement" in the accompanying underlying supplement. Please refer to the sections "Risk Factors" and
"Equity Index Descriptions--S&P 500® Index" in the accompanying underlying supplement for important disclosures
regarding the index, including certain risks that are associated with an investment linked to the index.
9 of 17
11/5/2013 8:47 AM

http://www.sec.gov/Archives/edgar/data/831001/000095010313006401/...

Historical Information

The closing level of the index on October 31, 2013 was 1,756.54.

The graph below shows the closing levels of the index for each day such level was available from January 2, 2008 to
October 31, 2013. We obtained the closing levels from Bloomberg L.P., without independent verification. You should not
take the historical levels of the index as an indication of future performance.

October 2013
PS-5

10 of 17
11/5/2013 8:47 AM