Final Terms dated 4 October 2013 Citigroup Inc. Issue of up to

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Final Terms dated 4 October 2013 Citigroup Inc. Issue of up to
Final Terms dated 4 October 2013
Citigroup Inc.
Issue of up to EUR10,000,000 Twin Win Notes due November 2016 linked to the EURO STOXX 50®
(Price) Index
Under the U.S.$30,000,000,000 Global Medium Term Note Programme
Any person making or intending to make an offer of the Notes in any Member State of the European
Economic Area which has implemented the Prospectus Directive may only do so:
(a)
in those Public Offer Jurisdictions mentioned in item 8 of Part B below, provided such person is one
of the persons mentioned in item 9 of Part B below and that such offer is made during the Offer
Period specified for such purpose therein; or
(b)
otherwise in circumstances in which no obligation arises for the Issuer or any Dealer to publish a
prospectus pursuant to Article 3 of the Prospectus Directive or supplement a prospectus pursuant to
Article 16 of the Prospectus Directive, in each case, in relation to such offer.
None of the Issuer and any Dealer has authorised, nor do any of them authorise, the making of any offer of
Notes in any other circumstances.
The expression Prospectus Directive means Directive 2003/71/EC, as amended (which includes the
amendments made by Directive 2010/73/EU (the 2010 PD Amending Directive) to the extent that such
amendments have been implemented in the Relevant Member State).
The Notes have not been and will not be registered under the United States Securities Act of 1933, as
amended (the Securities Act) or any state securities law. The Notes are being offered and sold outside the
United States to non-U.S. persons in reliance on Regulation S under the Securities Act (Regulation S) and
may not be offered or sold within the United States or to, or for the account or benefit of, any U.S. person (as
defined in Regulation S). Each purchaser of the Notes or any beneficial interest therein will be deemed to
have represented and agreed that it is outside the United States and is not a U.S. person and will not sell,
pledge or otherwise transfer the Notes or any beneficial interest therein at any time within the United States
or to, or for the account or benefit of, a U.S. person, other than the Issuer or any affiliate thereof. The Notes
do not constitute, and have not been marketed as, contracts of sale of a commodity for future delivery (or
options thereon) subject to the United States Commodity Exchange Act, as amended, and trading in the
Notes has not been approved by the United States Commodity Futures Trading Commission under the
United States Commodity Exchange Act, as amended. For a description of certain restrictions on offers and
sales of Notes, see "General Information relating to the Programme and the Notes – Subscription and sale
and transfer and selling restrictions” in the Base Prospectus.
The Notes may not be offered or sold to, or acquired by, any person that is, or whose purchase and holding
of the Notes is made on behalf of or with "plan assets" of, an employee benefit plan subject to Title I of the
U.S. Employee Retirement Income Security Act of 1974, as amended (ERISA), a plan, individual retirement
account or other arrangement subject to Section 4975 of the U.S. Internal Revenue Code of 1986, as
amended (the Code) or an employee benefit plan or plan subject to any laws, rules or regulations
substantially similar to Title I of ERISA or Section 4975 of the Code.
PART A – CONTRACTUAL TERMS
The Notes are English Law Notes.
Terms used herein shall be deemed to be defined as such for the purposes of the Conditions set forth under
the sections entitled "Terms and Conditions of the Notes" the Valuation and Settlement Schedule and the
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Underlying Schedule applicable to the Underlying in the Base Prospectus which constitutes a base
prospectus for the purposes of the Prospectus Directive.
This document constitutes the Final Terms of the Notes described herein for the purposes of Article 5.4 of
the Prospectus Directive and must be read in conjunction with the Base Prospectus. Full information on the
Issuer and the offer of the Notes is only available on the basis of the combination of this Final Terms and the
Base Prospectus.
The Base Prospectus is available for viewing at the offices of the Paying Agents and on the web-site of the
Central Bank of Ireland (www.centralbank.ie). In addition, this Final Terms is available on the web-site of
the Central Bank of Ireland (www.centralbank.ie).
For the purposes hereof, Base Prospectus means the Citigroup Inc. Underlying Linked Notes Base
Prospectus in relation to the Programme dated 25 September 2013.
1.
2.
(i)
Issuer:
Citigroup Inc.
(ii)
Guarantor:
Not Applicable
(i)
Series Number:
EMTN4450
(ii)
Tranche Number:
1
(iii)
Date on which the Notes will be
consolidated and form a single
Series:
Not Applicable
3.
Specified Currency or Currencies:
4.
Aggregate Principal Amount:
Euro (EUR)
(i)
Series:
Up to EUR10,000,000 .It is anticipated that the final
Aggregate Principal Amount of the Notes to be
issued on the Issue Date will be published by the
Issuer on the web-site of the Central Bank of Ireland
(www.centralbank.ie) on or around 5 November
2013
(ii)
Tranche:
Up to EUR10,000,000. It is anticipated that the final
Aggregate Principal Amount of the Notes to be
issued on the Issue Date will be published by the
Issuer on the web-site of the Central Bank of Ireland
(www.centralbank.ie) on or around 5 November
2013
5.
Issue Price:
100 per cent. of the Aggregate Principal Amount
6.
(i)
Specified Denominations:
EUR1,000
(ii)
Calculation Amount:
EUR1,000
(i)
Issue Date:
8 November 2013
(ii)
Interest Commencement Date:
Not Applicable
7.
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8.
Maturity Date:
8 November 2016
9.
Type of Notes:
The Notes do not bear or pay any interest
The Redemption Amount of the Notes is determined
in accordance with item 14(iv) and, as the
Underlying Linked Notes Redemption Provisions are
applicable, item 14(v) below
The Notes are Cash Settled Notes
10.
Put/Call Options:
Not Applicable
11.
(i)
Status of the Notes:
Senior
(ii)
Status of the CGMFL Deed of
Guarantee:
Not Applicable
PROVISIONS RELATING TO UNDERLYING LINKED NOTES
12.
Applicable – the provisions in the Valuation and
Settlement Schedule apply (subject as provided in
any relevant Underlying Schedule)
Underlying Linked Notes Provisions:
(i)
(ii)
Underlying:
(A)
Description of
Underlying(s):
EURO STOXX 50® (Price) Index
(B)
Classification:
Security Index
(C)
Electronic Page:
Bloomberg page SX5E <Index>
Particulars in
Underlying:
respect
of
each
Security Index/Indices:
(iii)
(A)
Type of Index:
Multiple Exchange Index
(B)
Related Exchange(s):
All Exchanges
(C)
Single Valuation Time:
Not Applicable
(D)
Same Day Publication:
Applicable
Elections in respect of each type of
Underlying:
Security Index/Indices:
Additional Disruption Event(s):
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Increased Cost of Stock Borrow
Loss of Stock Borrow
3
(iv)
Trade Date:
31 October 2013
(v)
Realisation Disruption:
Not Applicable
(vi)
Hedging
Disruption
Termination Event:
Early
Applicable
PROVISIONS RELATING TO ANY INTEREST AMOUNT, THE REDEMPTION AMOUNT AND
ANY ENTITLEMENT DELIVERABLE
Not Applicable – the Notes do not bear or pay
interest
13.
Interest Provisions:
14.
Redemption Provisions:
(i)
Issuer Call
Not Applicable
(ii)
Investor Put
Not Applicable
(iii)
Mandatory
Provisions
(iv)
Redemption Amount:
(v)
Underlying
Linked
Redemption Provisions
Early
Redemption
Not Applicable
See item (v) below
Notes
Applicable
Dates
(A)
Specified
Barrier
Date:
Redemption
Observation
31 October 2016
(B)
Specified Final Valuation
Date:
31 October 2016
(C)
Specified
Redemption
Strike Date:
31 October 2013
Underlying(s)
relevant
to
redemption, Final Performance
provisions and levels of the
Redemption Underlying(s)
(A)
Redemption
Underlying(s):
(B)
Redemption
Underlying(s):
The Underlying specified in item 12 above
Barrier
The Redemption Underlying
Final Performance Provisions:
(A)
Single
Underlying
Observation:
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Applicable
4
I.
Maximum
Performance
Percentage:
Final
Not Applicable
II.
Minimum
Performance
Percentage:
Final
Not Applicable
III.
Maximum
Final
Performance
Percentage (Barrier
Event):
Not Applicable
IV.
Minimum
Final
Performance
Percentage (Barrier
Event):
Not Applicable
V.
Maximum
Final
Performance
Percentage (Barrier
Event Satisfied):
Not Applicable
VI.
Minimum
Final
Performance
Percentage (Barrier
Event Satisfied):
Not Applicable
VII.
Maximum
Final
Performance
Percentage (Barrier
Event
Not
Satisfied):
Not Applicable
VIII.
Minimum
Final
Performance
Percentage (Barrier
Event
Not
Satisfied):
Not Applicable
IX.
Final Performance
Adjustment
Percentage:
Not Applicable
(B)
Weighted
Observation:
Basket
Not Applicable
(C)
Best
of
Observation:
Basket
Not Applicable
(D)
Worst
of
Observation:
Basket
Not Applicable
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(E)
Outperformance
Observation:
Not Applicable
(F)
Arithmetic
Mean
Underlying Return:
Not Applicable
(G)
Cliquet:
Not Applicable
(H)
Himalaya
Performance
Observation:
Final
Asian
–
Not Applicable
Provisions relating to levels of the
Redemption Underlying(s)
(A)
Redemption Initial Level:
Closing Level on Redemption Strike Date
(B)
Final Reference Level:
Closing Level on Final Valuation Date
(C)
Redemption Strike Level:
Redemption Initial Level
Provisions
relating
to
Redemption Barrier Event
(A)
Redemption
Event:
(B)
Final Barrier Level:
Provisions
relating
redemption amount
entitlement deliverable
a
Applicable – Redemption Barrier Event European
Observation
Barrier
Less than 75% of the Redemption Initial Level of the
relevant Redemption Barrier Underlying
to
the
due or
Provisions
applicable
where
Redemption Barrier Event is Not
Applicable and the Redemption
Amount is a Performance-Linked
Redemption Amount:
Not Applicable
Redemption Amount:
Provisions
applicable
where
Redemption Barrier Event is
Applicable
(A)
Provisions applicable to
Physical Delivery:
Not Applicable
(B)
Redemption
Barrier Event:
Applicable
Upper
Redemption Barrier Event Underlying Closing Level
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greater than or equal to
The Specified Redemption Upper Barrier Event
Valuation Date will be 31 October 2016
(C)
Redemption Amount due
where no Redemption
Barrier
Event
has
occurred
and
no
Redemption
Upper
Barrier
Event
is
specified:
Not Applicable
(D)
Redemption
Upper
Barrier Percentage:
100% of the Redemption Strike Level for the
Redemption Underlyings
I.
Upper Redemption
Amount due where
no
Redemption
Barrier Event has
occurred:
Applicable – the Performance-Linked Redemption
Amount determined in accordance with the Call
Option Provisions
II.
Lower Redemption
Amount due where
no
Redemption
Barrier Event has
occurred:
Applicable – the Performance-Linked Redemption
Amount determined in accordance with the Twin
Win Option Provisions
Redemption Amount due
where a Redemption
Barrier
Event
has
occurred:
Applicable – the Performance-Linked Redemption
Amount determined in accordance with the Put
Option Provisions
(E)
Performance-Linked
Amount:
Redemption
Put Option:
Applicable if a Redemption Barrier Upper Event
does not occur and a Redemption Barrier Event
occurs
I.
Relevant
Percentage:
100%
II.
Maximum
Redemption
Amount:
EUR750
III.
Minimum
Redemption
Amount:
Not Applicable
IV.
Maximum
Redemption
EUR750
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Amount
(Barrier
Event Satisfied):
V.
Minimum
Redemption
Amount
(Barrier
Event Satisfied):
Not Applicable
VI.
Maximum
Redemption
Amount
(Barrier
Event
Not
Satisfied):
Not Applicable
VII.
Minimum
Redemption
Amount
(Barrier
Event
Not
Satisfied):
Not Applicable
VIII.
Final Participation
Rate (FPR):
Not Applicable
IX.
Redemption
Adjustment:
Not Applicable
Call Option:
Applicable if a Redemption Upper Barrier Event
occurs and a Redemption Barrier Event does not
occur
I.
Maximum
Redemption
Amount:
EUR1,250
II.
Minimum
Redemption
Amount:
EUR1,000
III.
Maximum
Redemption
Amount
(Barrier
Event Satisfied):
Not Applicable
IV.
Minimum
Redemption
Amount
(Barrier
Event Satisfied):
Not Applicable
V.
Maximum
Redemption
Amount
(Barrier
Event
Not
Satisfied):
Not Applicable
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(vi)
VI.
Minimum
Redemption
Amount
(Barrier
Event
Not
Satisfied):
Not Applicable
VII.
Final Participation
Rate (FPR):
Not Applicable
VIII.
Redemption
Adjustment:
Not Applicable
Call Spread – Put Spread
Option:
Not Applicable
Twin Win Option:
Applicable if a Redemption Barrier Upper Event
does not occur and a Redemption Barrier Event does
not occur
I.
Minimum
Redemption
Amount:
EUR1,000
II.
Final Participation
Rate (FPR):
Not Applicable
III.
Relevant
Percentage:
100%
IV.
Redemption
Adjustment:
Not Applicable
Market Timer
Not Applicable
Put Call Sum
Not Applicable
Redemption Underlying Valuation
Provisions
(A)
Valuation
(Scheduled
Days):
Disruption
Trading
The provisions of Condition 2(c)(i) of the Valuation
and Settlement Schedule applies
(B)
Valuation
Disruption
(Disrupted Days):
Condition 2(d)(i) of the Valuation and Settlement
Schedule applies
(C)
Valuation Roll:
Eight
15.
FX Provisions:
Not Applicable
16.
FX Performance:
Not Applicable
GENERAL PROVISIONS APPLICABLE TO THE NOTES
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17.
Registered Notes
Form of Notes:
Regulation S Global Registered Note Certificate
registered in the name of a nominee for a common
depositary for Euroclear and Clearstream,
Luxembourg
18.
New Global
Structure:
Note/New
19.
Business Centres:
London, New York City and TARGET Business
Days
20.
Business Day Jurisdiction(s) or other special
provisions relating to payment dates:
London, New York City and TARGET Business
Days
21.
Talons for future Coupons to be attached to
Definitive Notes (and dates on which such
Talons mature):
Not Applicable
22.
Redenomination,
renominalisation
reconventioning provisions:
Not Applicable
23.
Consolidation provisions:
The provisions of Condition 12 of the General
Conditions apply
24.
Name and address of Calculation Agent:
Citigroup Global Markets Limited (acting through its
Equity Exotics department/group (or any successor
department/group)) at Citigroup Centre, Canada
Square, Canary Wharf, London E14 5LB, United
Kingdom
25.
Determinations:
Commercial Determination
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Safekeeping
Not Applicable
and
10
Signed on behalf of the Issuer:
By:
Digitally signed by James McFadden
DN: cn=James McFadden, ou=ADOBE(r)CDS, o=Citigroup Inc., c=US,
[email protected]
Date: 2013.10.04 10:18:54 -04'00'
...................................................
Duly authorised
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PART B – OTHER INFORMATION
1.
LISTING AND ADMISSION TO TRADING
Admission to trading and listing:
2.
Application has been made by the Issuer (or on its
behalf) for the Notes to be admitted to trading on the
regulated market of the Irish Stock Exchange and
listed on the official list of the Irish Stock Exchange
with effect from on or around the Issue Date
RATINGS
Ratings:
3.
The Notes are not rated.
INTERESTS OF NATURAL AND LEGAL PERSONS INVOLVED IN THE ISSUE/OFFER]
Save for any fees payable to Authorised Offeror(s), so far as the Issuer is aware, no person involved
in the offer of the Notes has an interest material to the Offer
4.
5.
REASONS FOR THE OFFER, ESTIMATED NET PROCEEDS AND TOTAL EXPENSES
(i)
Reasons for the Offer:
See "Use of Proceeds" in Section D.1 – Description
of Citigroup Inc. in the Base Prospectus
(ii)
Estimated net proceeds:
An amount equal to the final Aggregate Principal
Amount of the Notes issued on the Issue Date. For
the avoidance of doubt, the estimated net proceeds
reflect the proceeds to be received by the Issuer on
the Issue Date. They are not a reflection of the fees
payable by/to the Dealer and the Distributor(s)
(iii)
Estimated total expenses:
Approximately EUR15,000 (legal and listing fees)
INFORMATION ABOUT THE PAST AND FURTHER
VOLATILITY OF THE OR EACH UNDERLYING
PERFORMANCE
AND
Information about the past and further performance of the or each Underlying is available from the
applicable Electronic Page(s) specified for such Underlying in Part A above
6.
DISCLAIMER
EURO STOXX 50® (PRICE) INDEX
STOXX Limited (STOXX) and its licensors (the Licensors) have no relationship to the Issuer
or the Dealer, other than the licensing of the EURO STOXX 50® (Price) Index (the SX5E
Index) and the related trademarks for use in connection with the Notes.
STOXX and its Licensors do not:
 Sponsor, endorse, sell or promote the Notes.
 Recommend that any person invest in the Notes or any other securities.
 Have any responsibility or liability for or make any decisions about the timing, amount or pricing
of Notes.
 Have any responsibility or liability for the administration, management or marketing of the Notes.
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Consider the needs of the Notes or the owners of the Notes in determining, composing or calculating
the SX5E Index or have any obligation to do so.
STOXX and its Licensors will not have any liability in connection with the Notes. Specifically,

STOXX and its Licensors do not make any warranty, express or implied and disclaim any
and all warranty about:

The results to be obtained by the Notes, the owner of the Notes or any other person in
connection with the use of the SX5E Index and the data included in the SX5E Index;

The accuracy or completeness of the SX5E Index and its data;

The merchantability and the fitness for a particular purpose or use of the SX5E Index
and its data;

STOXX and its Licensors will have no liability for any errors, omissions or interruptions
in the SX5E Index or its data;

Under no circumstances will STOXX or its Licensors be liable for any lost profits or
indirect, punitive, special or consequential damages or losses, even if STOXX or its
Licensors knows that they might occur.
The licensing agreement between the Issuer and STOXX is solely for their benefit and not for
the benefit of the owners of the Notes or any other third parties.
Bloomberg®
Certain information contained in this Final Terms consists of extracts from or summaries of
information that is publicly-available from Bloomberg L.P. (Bloomberg®). The Issuer accepts
responsibility for accurately reproducing such extracts or summaries and, as far as the Issuer is
aware and are able to ascertain from such publicly-available information, no facts have been omitted
which would render the reproduced information inaccurate or misleading. Bloomberg® makes no
representation, warranty or undertaking, express or implied, as to the accuracy of the reproduction of
such information, and accepts no responsibility for the reproduction of such information or for the
merits of an investment in the Notes. Bloomberg® does not arrange, sponsor, endorse, sell or
promote the issue of the Notes.
7.
OPERATIONAL INFORMATION
ISIN Code:
XS0973009680
Common Code:
097300968
CUSIP:
Not Applicable
WKN:
Not Applicable
Valoren:
Not Applicable
Any clearing system(s) other than Euroclear
Bank S.A./N.V., Clearstream Banking,
société anonyme and DTC and the relevant
identification number(s) and details relating
Not Applicable
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to the relevant depositary, if applicable:
8.
Delivery:
Delivery versus payment
Names and address of the Swedish Notes
Issuing and Paying Agent (if any):
Not Applicable
Names and address of the Finnish Notes
Issuing and Paying Agent (if any):
Not Applicable
Names and addresses of additional Paying
Agent(s) (if any):
Not Applicable
Intended to be held in a manner which
would allow Eurosystem eligibility:
No. Whilst the designation is specified as "no" at the
date of these Final Terms, should the Eurosytem
eligibility criteria be amended in the future such that
the Notes are capable of meeting them the Notes
may then be deposited with one of the ICSDs as
common safekeeper.
Note that this does not
necessarily mean that the Notes will then be
recognised as eligible collateral for Eurosystem
monetary policy and intra day credit operations by
the Eurosystem at any time during their life. Such
recognition will depend upon the ECB being
satisfied that Eurosystem eligibility criteria have
been met.
DISTRIBUTION
(i)
Method of distribution:
Non-syndicated
(ii)
If syndicated, names and addresses
of the Lead Manager and the other
Managers
and
underwriting
commitments:
Not Applicable
(iii)
Date of Subscription Agreement:
Not Applicable
(iv)
Stabilising Manager(s) (if any):
Not Applicable
(v)
If non-syndicated, name and address
of Dealer:
Citigroup Global Markets Limited at Citigroup
Centre, Canada Square, Canary Wharf, London E14
5LB, United Kingdom
(vi)
Total commission and concession:
Up to 4.00 per cent. of the Aggregate Principal
Amount which comprises the initial distribution fee
payable to the Authorised Offeror. Investors can
obtain more information about this fee by contacting
the relevant Authorised Offeror or the Dealer at the
relevant address(es) set out herein. In addition to the
Spanish Offer Price the Authorised Offeror may
charge investors in Spain an initial participation
commission of up to 4.00 per cent. of the Aggregate
Principal Amount. Investors can obtain more
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information about this fee by contacting the
Authorised Offeror at the address(es) set out herein
(vii)
Swiss selling restrictions:
Not Applicable
(viii)
Non-exempt Offer:
An offer (the Spanish Offer) of the Notes may be
made by Citibank España SA (the Spanish Initial
Authorised Offeror(s)) other than pursuant to
Article 3(2) of the Prospectus Directive during the
period from (and including) 8 October 2013 to (and
including) 31 October 2013 (the Spanish Offer
Period) in the Kingdom of Spain (Spain)
If the Issuer receives subscriptions for Notes with an
Aggregate Principal Amount of EUR10,000,000, the
Issuer may close the Spanish Offer Period before 31
October 2013.
In the event that the Spanish Offer Period is
shortened as described above, the Issuer shall
publish a notice on the web-site of the Central Bank
of Ireland (www.centralbank.ie)
Offers (if any) in any Member State other than the
Public Offer Jurisdiction(s) will only be made
pursuant to an exemption from the obligation under
the Prospectus Directive as implemented in such
countries to publish a prospectus
Authorised Offeror(s) means the Initial Authorised
Offeror(s)
Initial Authorised Offeror(s) means the Spanish
Initial Authorised Offerer(s)
Public Offer Jurisdiction(s) means Spain
See further Paragraph 9 below.
9.
(ix)
General Consent:
Not Applicable
(x)
Other conditions to consent:
Not Applicable
TERMS AND CONDITIONS OF THE OFFER
Offer Price:
The offer price in respect of each Calculation
Amount offered by the Spanish Initial Authorised
Offeror(s) to investors in Spain (the Spanish Offer
Price) is EUR1,000
In addition to the Spanish Offer Price, the Spanish
Initial Authorised Offeror may charge an initial
participation commission as set out in item 8(vi) of
this Part B above
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Conditions to which the Offer is subject:
The Issuer reserves the right, in its absolute
discretion, to cancel the Spanish Offer and the issue
of the Notes in Spain at any time prior to the Issue
Date. In such an event all application monies
relating to applications for Notes under the Spanish
Offer will be returned (without interest) to
applicants at the applicant's risk by no later than 30
days after the date on which the Spanish Offer of the
Notes is cancelled. Application monies will be
returned by cheque mailed to the applicant's address
as indicated on the application form, or by wire
transfer to the bank account as detailed on the
application form or by any other method as the
Issuer deems to be appropriate
The Issuer shall publish a notice on the web-site of
the Central Bank of Ireland (www.centralbank.ie) in
the event that the Spanish Offer is cancelled and the
Notes are not issued in Spain pursuant to the above
Description of the application process:
Applications for the purchase of Notes may be made
by a prospective investor to the Spanish Initial
Authorised Offeror(s)
Pursuant to anti-money laundering laws and
regulations in force in the United Kingdom, the
Issuer, Citigroup Global Markets Limited or any of
their authorised agents may require evidence in
connection with any application for Notes, including
further identification of the applicant(s), before any
Notes are issued
Each prospective investor in Spain should ascertain
from the Spanish Initial Authorised Offeror(s) when
the Spanish Initial Authorised Offeror(s) will require
receipt of cleared funds from it in respect of its
application for the purchase of any Notes and the
manner in which payment should be made to the
Spanish Initial Authorised Offeror(s)
Description of possibility to reduce
subscriptions and manner for refunding
excess amount paid by applicants:
The Issuer may decline applications and/or accept
subscriptions which would exceed the Aggregate
Principal Amount of EUR10,000,000 as further
detailed below
It may be necessary to scale back applications under
the Spanish Offer due to over-subscription
The Issuer therefore reserves the right, in its absolute
discretion, to decline valid applications for Notes
under the Spanish Offer. Accordingly, an applicant
for Notes may, in such circumstances, not be issued
the number of Notes for which it has applied
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Excess application monies will be returned (without
interest) by cheque mailed to the relevant applicant's
address as indicated on the application form, or by
wire transfer to the bank account as detailed on the
application form or by any other method as the
Issuer deems to be appropriate
The Issuer also reserves the right to accept any
subscriptions for Notes which would exceed the 'up
to' aggregate principal amount of the Notes of
EUR10,000,000 and the Issuer may increase the 'up
to' aggregate principal amount of the Notes
The Issuer shall either publish a new final terms in
respect of any fungible increase in aggregate
principal amount or shall publish a supplement in
respect thereof on the web-site of the Central Bank
of Ireland (www.centralbank.ie)
Details of the minimum and/or maximum
amount of application:
The minimum amount
EUR10,000
of
a
subscription
is
Details of the method and time limits for
paying up and delivering the Notes:
Notes will be available on a delivery versus payment
basis
The Issuer estimates that the Notes will be delivered
to the purchaser's respective book-entry securities
accounts on or around the Issue Date
Manner in and date on which results of the
offer are to be made public:
By means of a notice published by the Issuer on the
web-site of the Central Bank of Ireland
(www.centralbank.ie)
Procedure for exercise of any right of preemption, negotiability of subscription rights
and treatment of subscription rights not
exercised:
Not Applicable
Whether tranche(s) have been reserved for
certain countries:
Not Applicable
Process for notification to applicants of the
amount allotted and the indication whether
dealing may begin before notification is
made:
Applicants will be notified directly by the Spanish
Initial Authorised Offeror(s) of the success of their
application
Dealing in the Notes may commence on the Issue
Date
Amount of any expenses and taxes
specifically charged to the subscriber or
purchaser:
Apart from the Spanish Offer Price, the Issuer is not
aware of any expenses and taxes specifically charged
to the subscriber or purchaser
For details of withholding taxes applicable to
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17
subscribers in Spain see the section entitled "Spanish
Taxation" under "Taxation of Notes" in the Base
Prospectus
Name(s) and address(es), to the extent
known to the Issuer, of the placers in the
various countries where the offer takes
place.
The Notes will be publicly offered in Spain through
the Spanish Authorised Offeror(s) at the following
location and during the hours in which banks are
generally open for business in Madrid:
Citibank España SA
Avenida de Europa, 19
Parque Empresarial la Moraleja
28108 Alcobendas, Madrid
Spain
10.
UNITED STATES TAX CONSIDERATIONS
For U.S. federal income tax purposes, the Issuer will treat the Notes as prepaid forward contracts.
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18
ANNEX
SUMMARY OF THE NOTES
Summaries are made up of disclosure requirements known as "Elements". These Elements are numbered in
Sections Error! Reference source not found. – E (A.1 – E.7). This Summary contains all the Elements
required to be included in a summary for Notes, the Issuer and the Guarantor (where the Issuer is CGMFL).
Because some Elements are not required to be addressed, there may be gaps in the numbering sequence of
the Elements. Even though an Element may be required to be inserted in a summary because of the type of
securities, issuer and guarantor, it is possible that no relevant information can be given regarding the
Element. In this case a short description of the Element should be included in the summary explaining why it
is not applicable.
SECTION A – INTRODUCTION AND WARNINGS
Element
Title
A.1
Introduction
This summary should be read as an introduction to the Base Prospectus
and the applicable Final Terms. Any decision to invest in the Notes should
be based on consideration of the Base Prospectus as a whole, including
any documents incorporated by reference and the applicable Final Terms.
Where a claim relating to information contained in the Base Prospectus
and the applicable Final Terms is brought before a court, the plaintiff
investor might, under the national legislation of the Member States, have
to bear the costs of translating the Base Prospectus and the applicable
Final Terms before the legal proceedings are initiated. Civil liability in
Member States attaches only to those persons who have tabled the
summary including any translation thereof, but only if the summary is
misleading, inaccurate or inconsistent when read together with the other
parts of the Base Prospectus and the applicable Final Terms, or it does not
provide, when read together with the other parts of the Base Prospectus
and the applicable Final Terms, key information in order to aid investors
when considering whether to invest in the Notes.
A.2
Consent
The Notes may be offered in circumstances where there is no exemption from
the obligation under the Prospectus Directive to publish a prospectus (a Nonexempt Offer).
Non-exempt Offer in the Kingdom of Spain:
Subject to the conditions set out below, Citigroup Inc. consent(s) to the use of
this Base Prospectus in connection with a Non-exempt Offer of Notes by
Citibank España SA (each an Authorised Offeror in the Kingdom of Spain).
Citigroup Inc.'s consent referred to above is given for Non-exempt Offers of
Notes during the period from (and including) 8 October 2013 to (and
including) 31 October 2013 (the Spanish Offer Period).
The conditions to the consent of Citigroup Inc. are that such consent:
(a)
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is only valid during the Spanish Offer Period; and
19
Element
Title
(b)
only extends to the use of this Base Prospectus to make Non-exempt
Offers of the relevant Tranche of Notes in the Kingdom of Spain.
AN INVESTOR INTENDING TO ACQUIRE OR ACQUIRING ANY
NOTES IN A NON-EXEMPT OFFER FROM AN AUTHORISED
OFFEROR WILL DO SO, AND OFFERS AND SALES OF SUCH
NOTES TO AN INVESTOR BY SUCH AUTHORISED OFFEROR
WILL BE MADE, IN ACCORDANCE WITH ANY TERMS AND
OTHER ARRANGEMENTS IN PLACE BETWEEN SUCH
AUTHORISED OFFEROR AND SUCH INVESTOR INCLUDING AS
TO PRICE, ALLOCATIONS AND SETTLEMENT ARRANGEMENTS.
THE INVESTOR MUST LOOK TO THE AUTHORISED OFFEROR
AT THE TIME OF SUCH OFFER FOR THE PROVISION OF SUCH
INFORMATION AND THE AUTHORISED OFFEROR WILL BE
RESPONSIBLE FOR SUCH INFORMATION.
SECTION B – ISSUERS AND GUARANTOR
B.1
Legal and
commercial
name of the
Issuer
Citigroup Inc.
B.2
Domicile/ legal
form/
legislation/
country of
incorporation
Citigroup Inc. was established as a corporation incorporated in Delaware
pursuant to the Delaware General Corporation Law.
B.4b
Trend
information
The banking environment and markets in which the Group conducts its
business will continue to be strongly influenced by developments in the U.S.
and global economies, including the results of the European Union sovereign
debt crisis and the implementation and rulemaking associated with recent
financial reform.
B.5
Description of
the Group
Citigroup Inc. is a holding company and services its obligations primarily with
dividends and advances that it receives from subsidiaries (Citigroup Inc. and
its subsidiaries, the Group)
Citigroup Inc. is a global diversified financial services holding company
whose businesses provide consumers, corporations, governments and
institutions with a broad range of financial products and services. Citigroup
Inc. has approximately 200 million customer accounts and does business in
more than 160 countries and jurisdictions. Citigroup Inc. currently operates,
for management reporting purposes, via two primary business segments:
Citicorp, consisting of Citigroup Inc.'s Global Consumer Banking businesses
(which consists of Regional Consumer Banking in North America, Europe, the
Middle East and Africa, Asia and Latin America) and the Institutional Clients
Group (Securities and Banking, including the Private Bank, and Transaction
Services); and Citi Holdings, which consists of Brokerage and Asset
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Management, Local Consumer Lending, and a Special Asset Pool. There is
also a third segment, Corporate/Other.
B.9
Profit forecast
or estimate
Not Applicable. Citigroup Inc. has not made a profit forecast or estimate in
this Base Prospectus.
B.10
Audit
report
qualifications
Not Applicable. There are no qualifications in any audit report on the historical
financial information included in the Base Prospectus.
B.12
Selected
historical key
financial
information:
The table below sets out a summary of key financial information extracted
from Citigroup Inc.'s Financial Report for the fiscal year ended on 31
December 2012:
At or for the year ended
31 December
2012
2011
(audited)
(audited)
(in millions of U.S. dollars)
Income Statement Data:
Total revenues, net of interest expense...........
Income from continuing operations .............
Net Income ....................................................
Balance Sheet Data:
Total assets .....................................................
Total deposits .................................................
Long-term debt (including U.S.$29,764 and
U.S.$ 24,172 at 31 December 2012 and 2011,
respectively, at fair value) ..............................
Total stockholders' equity...............................
69, 128
7,818
7,541
77,331
11,147
11,067
1,864,660
930,560
1,873,878
865,936
239,463
189,049
323,505
177,806
The table below sets out a summary of key financial information extracted
from Citigroup Inc.'s Quarterly Report for the six months ended 30 June 2013.
At or for the six months
ended 30 June
2013
2012
(unaudited)
(unaudited)
(in millions of U.S. dollars)
Income Statement Data:
Total revenues, net of interest expense............
40,706
37,508
Income from continuing operations.................
8,119
6,024
Net Income ......................................................
7,990
5,877
Balance Sheet Data:
Total assets ......................................................
1,883,988
1,916,451
Total deposits ..................................................
938,427
914,308
Long-term debt ................................................
220,959
288,334
Total stockholders' equity................................
195,926
183,911
Statements of no significant or material adverse change
There has been: (i) no significant change in the financial or trading position of
Citigroup Inc. or Citigroup Inc. and its subsidiaries as a whole since 30 June
2013 and (ii) no material adverse change in the financial position, business or
prospects of Citigroup Inc. or Citigroup Inc. and its subsidiaries as a whole
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21
since 31 December 2012.
B.13
Events
impacting
Issuer's
solvency
Not Applicable. There are no recent events particular to Citigroup Inc. which
are to a material extent relevant to the evaluation of Citigroup Inc.'s solvency
since 31 December 2012.
the
B.14
Dependence
upon
other
group entities
See Element B.5 description of Citigroup Inc. and its subsidiaries and
Citigroup Inc.'s position within the Group.
B.15
Principal
activities
Citigroup Inc. is a global diversified financial services holding company
whose businesses provide consumers, corporations, governments and
institutions with a broad range of financial products and services.
B.16
Controlling
shareholders
Citigroup Inc. is not aware of any shareholder or group of connected
shareholders who directly or indirectly control Citigroup Inc.
SECTION C.3 – SECURITIES
Elemen
t
Title
C.1
Description of
Notes/ISIN
Notes are issued in Series. The Series number is EMTN4450. The Tranche
number is 1.
The International Securities Identification Number (ISIN) is XS0973009680. The
Common Code is 097300968.
C.2
Currency
The Notes are denominated in euro (EUR) and the specified currency for
payments in respect of the Notes is EUR.
C.5
Restrictions
on the free
transferability
of the Notes
The Notes will be transferable, subject to offering, selling and transfer
restrictions with respect to the United States, European Economic Area, United
Kingdom, Australia, the Kingdom of Bahrain, Brazil, Chile, Columbia, Costa
Rica, Republic of Cyprus, Denmark, Dominican Republic, Dubai International
Financial Centre, Ecuador, El Salvador, Finland, France, Guatemala, Honduras,
Hong Kong Special Administrative Region, Hungary, Ireland, Israel, Italy, Japan,
Kuwait, Mexico, Norway, Oman, Panama, Paraguay, Peru, Poland, Portugal,
Qatar, Russian Federation, Kingdom of Saudi Arabia, Singapore, Taiwan,
Republic of Turkey and United Arab Emirates and Uruguay and the laws of any
jurisdiction in which the Notes are offered or sold.
C.8
Rights
attached to the
Notes,
including
ranking and
limitations on
those rights
The Notes have terms and conditions relating to, among other matters:
Ranking
The Notes will constitute unsubordinated and unsecured obligations of the Issuer
and rank and will at all times rank pari passu and rateably among themselves and
at least pari passu with all other unsecured and unsubordinated obligations of the
Issuer save for such obligations as may be preferred by provisions of law that are
both mandatory and of general application.
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Elemen
t
Title
Negative pledge and cross default
The terms of the Notes will not contain a negative pledge provision or a crossdefault provision in respect of the Issuer.
Events of default
The terms of the Notes will contain, amongst others, the following events of
default: (a) default in payment of any principal or interest due in respect of the
Notes, continuing for a period of 30 days in the case of interest or 10 days in the
case of principal, in each case after the due date; (b) default in the performance,
or breach, of any other covenant by the Issuer, and continuance for a period of 60
days after the date on which written notice is given by the holders of at least 25
per cent, in principal amount of the outstanding Notes specifying such default or
breach and requiring it to be remedied; (c) events relating to the winding up or
dissolution or similar procedure of the Issuer; and (d) the appointment of a
receiver or other similar official or other similar arrangement of the Issuer.
Taxation
Payments in respect of all Notes will be made without withholding or deduction
of taxes in Luxembourg where the Issuer is CGMFL or the United Kingdom in
the case of the Guarantor, subject in all cases to customary exceptions or the
United States where the Issuer is Citigroup Inc., subject to specified exceptions
and certain categories of Notes which are not treated as debt for United States
federal income tax purposes.
Meetings
The terms of the Notes contain provisions for calling meetings of holders of such
Notes to consider matters affecting their interests generally. These provisions
permit defined majorities to bind all holders, including holders who did not
attend and vote at the relevant meeting and holders who voted in a manner
contrary to the majority.
C.11
Admission to
trading
Application has been made to the Irish Stock Exchange for the Notes to be
admitted to trading on the Irish Stock Exchange.
C.15
Description of
how the value
of the
investment is
affected by
the value of
the underlying
instrument(s)
The redemption amount payable at maturity depends on the performance of the
relevant underlying(s).
Maturity date
and final
reference date
The maturity date is 8 November 2016. See the provisions relating to valuation
dates in Element C.18 below in relation to the final reference date.
C.16
See also Element C.18 below.
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23
Elemen
t
Title
Early redemption
See "Events of default" in Element C.8 above and "Disrupted Days, Market
Disruption Events and Adjustments" below for information on early redemption
in relation to the Notes.
In addition, (a) the Notes may be redeemed early for certain taxation reasons; and
(b) if the Issuer determines that performance of its obligations of an issue of
Notes or that any arrangements made to hedge the Issuer's obligations under the
Notes has or will become illegal in whole or in part for any reason the Issuer may
redeem the Notes early and, if and to the extent permitted by applicable law, will
pay, in respect of each Note, an amount equal to the early redemption amount.
The early redemption amount payable on any early redemption of the Notes
will be an amount determined by the Calculation Agent to be the fair market
value of the Notes on a day selected by the Issuer (which amount shall include
amounts in respect of accrued interest), but adjusted to fully account for losses,
expenses and costs to the Issuer (or any of its affiliates) of unwinding any
hedging and funding arrangements in relation to the Notes, provided that, for the
purposes of determining the fair market value of the Notes following an event of
default, no account shall be taken of the financial condition of the Issuer which
shall be presumed to be able to perform fully its obligations in respect of the
Notes.
C.17
Settlement
procedure of
derivative
securities
The Notes are cash settled Notes
C.18
Return on
derivative
securities
The Notes do not pay any interest
The redemption amount due on the maturity date will be determined in
accordance with the redemption provisions as follows
Redemption
If:
(c)
a redemption barrier event has not occurred and as a "redemption upper
barrier event" is specified, then the Notes will be redeemed on the
maturity date at an amount for each calculation amount equal to
(i)
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if a redemption upper barrier event has occurred (meaning that
the underlying closing level of the redemption barrier
underlying(s) on the redemption upper barrier event valuation
date is equal to or greater than 100% (being the redemption
upper barrier percentage) of the redemption strike level for the
relevant redemption underlying(s), the performance-linked
24
Elemen
t
Title
redemption amount determined in accordance with the call
option provisions below; OR
(ii)
(d)
if a redemption upper barrier event has not occurred, the
redemption amount due where neither an upper barrier event nor
a redemption barrier event has occurred, being the performancelinked redemption amount determined in accordance with the
twin win option provisions below; OR
a redemption barrier event has occurred, then the redemption amount
due where a redemption barrier event only has occurred in respect of
each calculation amount will be the performance-linked redemption
amount determined in accordance with the put option provisions below.
Dates
The final valuation date is 31 October 2016 (subject to adjustment – see
"Disrupted Days, Market Disruption Events and Adjustments" below).
The redemption barrier observation date is 31 October 2016 (subject to
adjustment – see "Disrupted Days, Market Disruption Events and Adjustments"
below).
The redemption strike date(s) is 31 October 2013 (subject to adjustment – see
"Disrupted Days, Market Disruption Events and Adjustments" below).
The redemption upper barrier event valuation date(s) is 31 October 2016
(subject to adjustment – see "Disrupted Days, Market Disruption Events and
Adjustments" below).
Definitions relating to the underlying(s) relevant for redemption, the
performance of such underlying(s) and levels of such underlying(s)
A redemption underlying means the or each underlying specified as an
underlying for the purpose of the redemption provisions in Element C.20 below.
The final performance underlying(s) or (FPU) is, as "single underlying
observation" applies, the redemption underlying
The final performance shall be determined in accordance with the:"single
underlying observation" provisions, meaning that the final performance in
respect of the redemption underlying is, in the determination of the calculation
agent, an amount expressed as a percentage equal to the redemption underlying's
final reference level less its redemption strike level, all divided by its redemption
initial level, expressed as a formula:
The redemption strike level for a redemption underlying is the redemption
initial level of such redemption underlying
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Elemen
t
Title
The final reference level means, in respect of a final valuation date or, as the
case may be, final valuation dates and the or each redemption underlying:
"closing level on final valuation date", being the underlying closing level for
such redemption underlying on such final valuation date
A redemption barrier event will occur if, in the determination of the
calculation agent, on the related redemption barrier observation date, the
underlying closing level of the redemption underlying (the "redemption barrier
underlying(s)") is less than the final barrier level ("redemption barrier event
european closing observation").
The final barrier level is 75% of the redemption initial level of the relevant
redemption barrier underlying.
Definitions relating to the determination of the performance-linked redemption
amount due
The performance-linked redemption amount determined in accordance with
the "put option provisions" means that the redemption amount will be a "put
option" amount determined by the calculation agent to be the product of the
calculation amount (CA) and the sum of 100% (being the "relevant percentage")
and the final performance of the final performance underlying(s) (FPU) (which
will be less than EUR750), expressed as a formula:
The performance-linked redemption amount determined in accordance with
the "call option provisions" means that the redemption amount will be a "call
option" amount determined by the calculation agent to be the sum of (a) the
calculation amount (CA) and (b) the product of the calculation amount (CA) and
the final performance of the final performance underlying(s) (FPU), expressed as
a formula:
Such redemption amount is subject to a maximum amount (cap) of EUR1,250
and a minimum amount (floor) of EUR1,000
The performance-linked redemption amount determined in accordance with
the "twin win option provisions" means that the redemption amount will be a
"twin win" amount determined by the calculation agent to be the product of (a)
the calculation amount (CA) and (b) 100% (being the "relevant percentage") and
the absolute value (Abs) (meaning the positive percentage value of the
percentage without regard to its sign) of the final performance of the final
performance underlying(s) (FPU), expressed as a formula:
Such redemption amount is therefore subject to a minimum amount (floor) of
EUR1,000.
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Elemen
t
Title
The calculation amount or CA is EUR1,000.
Disrupted Days, Market Disruption Events and Adjustments
The terms and conditions of the Notes contain provisions, as applicable, relating
to events affecting the relevant underlying(s), modification or cessation of the
relevant underlying(s), settlement disruption and market disruption provisions
and provisions relating to subsequent corrections of the level of an underlying
and details of the consequences of such events. Such provisions may permit the
Issuer either to require the calculation agent to determine what adjustments
should be made following the occurrence of the relevant event (which may
include deferment of any required valuation or the substitution of another
underlying and/or, in the case of an increased cost of hedging, adjustments to
pass onto Noteholders such increased cost of hedging (including, but not limited
to, reducing any amounts payable or deliverable in respect of the Notes to reflect
any such increased costs) and/or, in the case of realisation disruption, payment in
the relevant local currency rather than in the relevant specified currency,
deduction of or payment by Noteholder(s) of amounts in respect of any
applicable taxes, delay of payments or deliveries, determination of relevant
exchange rates taking into consideration all available relevant information and/or
(where legally permissible) procuring the physical delivery of any underlying(s)
in lieu of cash settlement (or vice versa) and/or, in the case of mutual fund
interests, adjustments to 'monetise' the mutual fund interest affected by the
relevant adjustment event and adjust amounts payable under the Notes to
account for such monetisation) or to cancel the Notes and to pay an amount
equal to the early redemption amount as specified in Element C.16 above.
C.19
Exercise
price/final
reference
price
See Element C.18 above
C.20
Underlying
Each underlying specified under the heading "description of underlying" in the
Table below which is an underlying for, as specified in such Table for such
underlying, the redemption provisions set out in Element C.18 above, and is of
the classification specified for such underlying in the Table below. Information
relating to the underlyings can be obtained from the electronic page specified for
such underlying in the Table below and from other internationally recognised
published or electronically displayed sources.
Descript
ion of
underlyi
ng
classification
underlying for the purpose of the
redemption provisions
Electronic page
EURO
STOXX
50®
(Price)
security index
Yes
Bloomberg page: SX5E Index
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27
Elemen
t
Title
Index
SECTION D – RISKS
Element
Title
D.2
Key risks
regarding the
Issuers
Citigroup Inc. believes that the factors summarised below may affect its ability
to fulfil its obligations under the Notes. All of these factors are contingencies
which may or may not occur and Citigroup Inc. is not in a position to express a
view on the likelihood of any such contingency occurring.
There are certain factors that may affect Citigroup Inc.'s ability to fulfil its
obligations under any Notes issued by it, including that such ability is dependent
on the earnings of Citigroup Inc.'s subsidiaries, that Citigroup Inc. may be
required to apply its available funds to support the financial position of its
banking subsidiaries, rather than fulfil its obligations under the Notes, that
Citigroup Inc.'s business may be affected by economic conditions, credit, market
and market liquidity risk, by competition, country risk, operational risk, fiscal
and monetary policies adopted by relevant regulatory authorities, reputational
and legal risks and certain regulatory considerations.
D.3
Key risks
regarding the
Notes
Investors should note that the Notes (including Notes that are expressed to
redeem at par or above) are subject to the credit risk ofCitigroup Inc..
Furthermore, the Notes may be sold, redeemed or repaid early, and if so, the
price for which a Note may be sold, redeemed or repaid early may be less than
the investor's initial investment. There are other certain factors which are
material for the purpose of assessing the risks associated with investing in any
issue of Notes, which include, without limitation, (i) risk of disruption to
valuations, (ii) adjustment to the conditions, substitution of the relevant
underlying(s) and/or early redemption following an adjustment event or an
illegality, (iii) postponement of interest payments and/or minimum and/or
maximum limits imposed on interest rates, (iv) cancellation or scaling back of
public offers or the issue date being deferred, (v) hedging activities of the Issuer
and/or any of its affiliates, (vi) conflicts of interest between the Issuer and/or
any of its affiliates and holders of Notes, (vii) modification of the terms and
conditions of Notes by majority votes binding all holders, (viii) discretions of
the Issuer and Calculation Agent being exercised in a manner that affects the
value of the Notes or results in early redemption, (ix) change in law, (x)
illiquidity of denominations consisting of integral multiples, (xi) payments being
subject to withholding or other taxes, (xii) fees and commissions not being taken
into account when determining secondary market prices of Notes, (xiii) there
being no secondary market, (xiv) exchange rate risk, (xv) market value of Notes
being affected by various factors independent of the creditworthiness
ofCitigroup Inc. such as market conditions, interest and exchange rates and
macro-economic and political conditions and (xvi) credit ratings not reflecting
all risks.
See also Element D.6 below
D.6
Key risks
INVESTORS MAY LOSE THEIR ENTIRE INVESTMENT OR PART OF
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Element
Title
regarding the
Notes and
risk warning
IT AS THE CASE MAY BE. CITIGROUP INC. DOES NOT REPRESENT
THAT THE LIST BELOW IS COMPREHENSIVE. PROSPECTIVE
INVESTORS SHOULD READ THE BASE PROSPECTUS IN ITS
ENTIRETY AND FORM THEIR OWN CONCLUSIONS REGARDING
CITIGROUP INC..
An investment in Notes may entail significant risks and risks that are not
associated with an investment in a debt instrument with a fixed principal amount
and which bears interest at either a fixed rate or at a floating rate determined by
reference to published interest rate references. The risks include, without
limitation, the possibility of significant changes in the prices of the relevant
underlying(s). Such risks generally depend on factors over whichCitigroup Inc.
does not have control and which cannot readily be foreseen, such as economic
and political events and the supply of and demand for the relevant underlying(s).
In recent years, currency exchange rates and prices for various underlying(s)
have been highly volatile, and such volatility may be expected in the future.
Fluctuations in any such rates or prices that have occurred in the past are not
necessarily indicative, however, of fluctuations that may occur during the term
of the Notes. The risk of loss as a result of the linkage to the relevant
underlying(s) can be substantial.
SECTION E – OFFER
Element
Title
E.2b
Use of
proceeds
The net proceeds of the issue of the Notes by Citigroup Inc. will be used for
general corporate purposes, which may include capital contributions to its
subsidiaries and/or the reduction or refinancings of borrowings of Citigroup Inc.
or its subsidiaries. Citigroup Inc. expects to incur additional indebtedness in the
future.
E.3
Terms and
conditions of
the offer
The Notes are the subject of a Non-exempt Offer, the terms and conditions of
which are further detailed as set out below and in the applicable Final Terms.
A Non-exempt Offer of the Notes may be made in the Kingdom of Spain (the
Spanish Offer) during the period from (and including) 8 October 2013 to (and
including) 31 October 2013. Such period may be shortened at the option of the
Issuer. The Issuer reserves the right to cancel the Spanish Offer.
The offer price is EUR1,000 per calculation amount. In addition to any expenses
detailed in Element E.7 below, an Authorised Offeror may charge investors
under the Spanish Offer a participationcommission of up to 4.00 per cent. of the
principal amount of the Notes to be purchased by the relevant investor. The
minimum subscription amount is EUR10,000. The Issuer may decline in whole
or in part an application for Notes under the Spanish Offer.
E.4
Interests of
natural and
legal persons
involved in
The Dealer and/or any distributors will be paid up to 8.00% of the aggregate
principal amount as fees in relation to the issue of Notes.So far as the Issuer is
aware, no person involved in the offer of the Notes has an interest material to
the Offer(s)
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29
Element
Title
the
issue/offer
E.7
Estimated
expenses
charged to
the investor
by the Issuer
or an
Authorised
Offeror
No expenses are being charged to an investor by the Issuer. No expenses are
being charged to an investor by an Authorised Offer.
0012230-0005311 ICM:18014846.9
EMTN4450
30
FECHA DEL BORRADOR: 03.10.13
ANEXO
RESUMEN DE LAS OBLIGACIONES
Los resúmenes se componen de solicitudes de información conocidas como “Elementos”. Estos Elementos
se enumeran a lo largo de las Secciones A – E (A.1 – E.7). El presente Resumen incorpora todos los
Elementos que han de incluirse en un resumen para las Obligaciones, el Emisor y el Garante (cuando el
Emisor sea CGMFL). Dado que algunos Elementos no precisan ser consignados, su secuencia numérica
podría presentar saltos. Aun cuando la inserción de un determinado Elemento pueda resultar obligatoria
habida cuenta del tipo de valores, emisor y garante, es posible que no haya información relevante alguna
que suministrar acerca de dicho Elemento. En este caso deberá incluirse en el resumen una breve
descripción del Elemento considerado explicando por qué no resulta aplicable.
SECCIÓN A – INTRODUCCIÓN Y ADVERTENCIAS
Elemento
Título
A.1
Introducción
El presente resumen debe entenderse en el sentido de constituir una
introducción al Folleto de Base y a las Condiciones Finales aplicables.
Toda decisión de invertir en las Obligaciones deberá tomarse a la luz del
Folleto de Base en su conjunto, incluidos los documentos que incorpora
por referencia y las Condiciones Finales aplicables. Cuando se presente
ante un tribunal una demanda atinente a la información que se incluye en
el Folleto de Base y en las Condiciones Finales aplicables, el inversor
demandante podrá ser instado, con arreglo a la legislación nacional de los
Estados miembros, a asumir los costes de traducción del Folleto de Base y
de las Condiciones Finales aplicables antes de que dé inicio el
procedimiento judicial. El Resumen, incluidas sus traducciones, llevará
aparejada una responsabilidad civil para las personas encargadas de su
elaboración únicamente si su lectura se revela engañosa, inexacta o
incoherente a la luz de las demás partes del Folleto de Base y de las
Condiciones Finales aplicables o si no ofrece, asimismo a la luz de las
restantes partes del Folleto de Base y de las Condiciones Finales
aplicables, información clave que ayude a los inversores a decidirse sobre
si invertir en las Obligaciones.
A.2
Consentimiento
Las Obligaciones podrán ofrecerse en aquellas circunstancias en las que no
exista una exención de la obligación con arreglo a la Directiva sobre Folletos
de publicar un folleto (una Oferta No Exenta).
Oferta No Exenta en el Reino de España:
Con sujeción a las condiciones expuestas más adelante, Citigroup Inc.
consiente a la utilización del presente Folleto de Base en relación con una
Oferta No Exenta de Obligaciones por Citibank España SA (cada uno de ellos
un Oferente Autorizado en el Reino de España).
El consentimiento arriba citado de Citigroup Inc. se otorga respecto a las
Ofertas No Exentas de Obligaciones que se realicen durante el período
comprendido entre el 8 de octubre de 2013 y el 31 de octubre de 2013 (ambos
inclusive) (el Período de la Oferta Española).
0012230-0004552 MD:3335357.2
1
Elemento
Título
Las condiciones aplicables al consentimiento de Citigroup Inc. son que dicho
consentimiento:
(a)
únicamente será válido durante el Período de la Oferta Española; y
(b)
se extiende exclusivamente a la utilización del presente Folleto de
Base para realizar Ofertas No Exentas del correspondiente Tramo de
Obligaciones en el Reino de España.
TODO INVERSOR QUE TENGA LA INTENCIÓN DE ADQUIRIR O
QUE ESTÉ ADQUIRIENDO CUALESQUIERA OBLIGACIONES EN
EL MARCO DE UNA OFERTA NO EXENTA A UN OFERENTE
AUTORIZADO LO HARÁ ASÍ, Y LAS OFERTAS Y VENTAS DE
DICHAS OBLIGACIONES A ESE INVERSOR POR PARTE DE
DICHO OFERENTE AUTORIZADO SE EFECTUARÁN, DE
CONFORMIDAD CON LOS TÉRMINOS Y DEMÁS PACTOS EN
VIGOR ENTRE DICHO OFERENTE AUTORIZADO Y DICHO
INVERSOR, INCLUIDOS LOS PACTOS EN MATERIA DE PRECIO,
ASIGNACIONES Y LIQUIDACIÓN. EL INVERSOR DEBERÁ
DIRIGIRSE AL OFERENTE AUTORIZADO EN EL MOMENTO DE
DICHA OFERTA PARA OBTENER DICHA INFORMACIÓN Y EL
OFERENTE AUTORIZADO SERÁ QUIÉN RESPONDA DE LA
INFORMACIÓN ASÍ OBTENIDA.
0012230-0004552 MD:3335357.2
2
SECCIÓN B – EMISORES Y GARANTE
B.1
Denominación
social y
nombre
comercial del
Emisor
Citigroup Inc.
B.2
Domicilio/
forma jurídica/
legislación
aplicable/ país
de constitución
Citigroup Inc. se fundó como una sociedad anónima en Delaware conforme a
la Legislación Mercantil General del Estado de Delaware.
B.4b
Información
sobre
tendencias
El clima de la banca y los mercados bancarios en los que el Grupo desarrolla
su actividad seguirán estando muy influidos por los acontecimientos de las
economías estadounidense y mundiales, incluidos los resultados de la crisis de
la deuda soberana de la Unión Europea y la aprobación de normas y su
trasposición a los ordenamientos jurídicos nacionales asociadas a la reciente
reforma financiera.
B.5
Descripción
del Grupo
Citigroup Inc. es una sociedad holding y atiende sus obligaciones
principalmente con los dividendos y anticipos que recibe de filiales (Citigroup
Inc. y sus filiales, el Grupo).
Citigroup Inc. es una sociedad holding de servicios financieros diversificada e
internacional cuyos negocios ofrecen una amplia variedad de productos y
servicios financieros a consumidores, empresas, Estados e instituciones.
Citigroup Inc. cuenta con unos 200 millones de cuentas de clientes y desarrolla
su actividad en más de 160 países y jurisdicciones. Citigroup Inc. opera
actualmente, a efectos de presentación de información a la Dirección, a través
de dos segmentos de negocio principales: Citicorp, que comprende los
negocios de Banca Comercial Mundial de Citigroup Inc. (el cual está
compuesto por Banca Comercial Regional en Norteamérica, Europa, Oriente
Medio y África, Asia y Latinoamérica) y el Grupo de Clientes Institucionales
(Valores y Banca, incluyendo Banca Privada, y Servicios de Transacciones); y
Holdings de Citi, que consiste en Intermediación Financiera y Gestión de
Activos, Préstamo al Consumo Local y Grupos Especiales de Activos.
Asimismo, existe un tercer segmento, denominado Corporativo/Otros.
B.9
Previsión
o
estimación de
beneficios
No aplicable. Citigroup Inc. no ha realizado ninguna previsión o estimación de
beneficio en el presente Folleto de Base.
B.10
Salvedades en
informes
de
auditoría
No aplicable. Ningún informe de auditoría sobre la información financiera
histórica incluida en el Folleto de Base contiene salvedades.
B.12
Selección de
información
financiera
histórica clave:
En la siguiente tabla se recoge un resumen de información financiera clave
extraída del Informe Financiero de Citigroup Inc. correspondiente al ejercicio
finalizado el 31 de diciembre de 2012:
0012230-0004552 MD:3335357.2
3
A fecha de y para el
ejercicio cerrado a 31 de
diciembre de
2012
2011
(auditado)
(auditado)
(en millones de USD)
Datos de la cuenta de pérdidas y
ganancias:
Ingresos totales, netos de gastos financieros
en intereses .....................................................
Resultado de las operaciones continuadas ...
Resultado neto ..............................................
Datos del balance:
Total Activo....................................................
Total Depósitos...............................................
Endeudamiento a largo plazo (incluyendo
29.764 USD y 24.172 USD a 31 de diciembre
de 2012 y 2011, respectivamente, a valor
razonable) .......................................................
Total Fondos propios ......................................
69. 128
77.331
7.818
7.541
11.147
11.067
1.864.660
930.560
1.873.878
865.936
239.463
189.049
323.505
177.806
En la siguiente tabla se recoge un resumen de información financiera clave
extraída del Informe Trimestral de Citigroup Inc. correspondiente al semestre
terminado el 30 de junio de 2013.
A fecha de o para el
semestre terminado el 30 de
junio de
2013 (sin
2012 (sin
auditar)
auditar)
(en millones de USD)
Datos de la cuenta de pérdidas y
ganancias:
Ingresos totales, netos de gastos financieros
40.706
37.508
en intereses .....................................................
Resultado de las operaciones continuadas ......
8.119
6.024
Resultado neto ...............................................
7.990
5.877
Datos del balance:
Total Activo....................................................
1.883.988
1.916.451
Total Depósitos...............................................
938.427
914.308
Endeudamiento a largo plazo ..........................
220.959
288.334
Total Fondos propios .......................................
195.926
183.911
Declaraciones sobre la inexistencia de cambios adversos significativos o
sustanciales
No se ha producido: (i) cambio significativo alguno en la posición financiera o
de negociación de Citigroup Inc. ni de Citigroup Inc. y sus filiales
consideradas como un todo desde el 30 de junio de 2013 ni (ii) cambio adverso
sustancial alguno en la posición financiera, el negocio o las perspectivas de
Citigroup Inc. ni de Citigroup Inc. y sus filiales consideradas como un todo
desde el 31 de diciembre de 2012.
0012230-0004552 MD:3335357.2
4
B.13
Hechos que
afectan a la
solvencia del
Emisor
No aplicable. No ha habido ningún hecho reciente propio de Citigroup Inc. que
sea relevante, en una medida significativa, para evaluar la solvencia de
Citigroup Inc. desde el 31 de diciembre de 2012.
B.14
Dependencia
de otras
entidades del
Grupo
Consúltese en el Elemento B.5 una descripción de Citigroup Inc. y sus filiales,
y de la posición de Citigroup Inc. en el seno del Grupo.
B.15
Principales
actividades
Citigroup Inc. es una sociedad holding de servicios financieros diversificada y
global cuyos negocios ofrecen una amplia variedad de productos y servicios
financieros a consumidores, empresas, Estados e instituciones.
B.16
Accionistas de
control
Citigroup Inc. no tiene conocimiento de ningún accionista o grupo de
accionistas vinculados que, directa o indirectamente, controle Citigroup Inc.
SECCIÓN C.3 – VALORES
Elemento
Título
C.1
Descripción
Las Obligaciones se emitirán en Series. El número de Serie es EMTN 4450.
de las
El número de Tramo es 1.
Obligaciones/
El Número Internacional de Identificación de Valores (ISIN, por sus siglas
ISIN
en inglés) es XS0973009680. El Código Común es 097300968.
C.2
Moneda
Las Obligaciones están denominadas en euros (EUR) y la moneda
especificada para pagos respecto a las Obligaciones es el EUR.
C.5
Restricciones
a la libre
transmisibilidad de las
Obligaciones
Las Obligaciones serán transmisibles, con sujeción a las restricciones a la
oferta, venta y transmisión respecto a Estados Unidos, Espacio Económico
Europeo, Reino Unido, Australia, Reino de Bahrein, Brasil, Chile,
Colombia, Costa Rica, República de Chipre, Dinamarca, República
Dominicana, Centro Financiero Internacional de Dubai, Ecuador, El
Salvador, Finlandia, Francia, Guatemala, Honduras, Región Administrativa
Especial de Hong Kong, Hungría, Irlanda, Israel, Italia, Japón, Kuwait,
México, Noruega, Omán, Panamá, Paraguay, Perú, Polonia, Portugal, Qatar,
Federación Rusa, Reino de Arabia Saudita, Singapur, Taiwán, República de
Turquía, Emiratos Árabes Unidos y Uruguay, y a la legislación de cualquier
jurisdicción donde tenga lugar la oferta o venta de las Obligaciones.
C.8
Derechos
incorporados
a las
Obligaciones,
incluyendo
posición en el
orden de
prelación de
créditos y
limitaciones
Las Obligaciones tienen términos y condiciones relacionados, entre otras
cosas, con las siguientes cuestiones:
0012230-0004552 MD:3335357.2
Posición en el orden de prelación de créditos
Las Obligaciones constituirán obligaciones no subordinadas y no
garantizadas del Emisor y ocupan y ocuparán en todo momento la misma
posición (pari passu) proporcionalmente entre sí y, al menos, la misma
posición (pari passu) que todas las restantes obligaciones no subordinadas y
no garantizadas del Emisor, salvo que dichas obligaciones sean preferidas a
5
Elemento
Título
sobre esos
derechos
tenor de disposiciones legales que sean tanto de obligado cumplimiento
como de aplicación general.
Compromiso de no gravar e incumplimiento cruzado
Las condiciones de las Obligaciones no incluirán una disposición sobre
compromiso de no gravar ni una disposición sobre incumplimiento cruzado
respecto al Emisor.
Supuestos de incumplimiento
Las condiciones de las Obligaciones incluirán, entre otros, los siguientes
supuestos de incumplimiento: (a) impago de cualquier principal o de
cualesquiera intereses vencidos respecto a las Obligaciones que subsista
durante un período de 30 días en el caso de intereses o de 10 días en el caso
de principal a contar, en cada caso, desde la fecha de vencimiento; (b)
incumplimiento en la rentabilidad o vulneración de cualquier otro pacto por
el Emisor, y subsistencia durante un período de 60 días a contar desde la
fecha de envío de una notificación por escrito por los tenedores de, al
menos, el 25 por ciento del principal de las Obligaciones pendientes, donde
se señale dicho impago o incumplimiento y se exija su subsanación; (c)
hechos relativos a la disolución o cancelación registral o a un procedimiento
similar del Emisor; y (d) el nombramiento de un síndico u otro funcionario
similar u otro acuerdo similar del Emisor.
Fiscalidad
Los pagos respecto a todas las Obligaciones se efectuarán sin practicar
retención o deducción alguna de impuestos en Luxemburgo cuando el
Emisor sea CGMFL o en Reino Unido en el caso del Garante, con sujeción,
en todo caso, a las excepciones habituales, o en Estados Unidos en caso de
que el Emisor sea Citigroup Inc., con sujeción a las excepciones
especificadas y a determinadas categorías de Obligaciones no consideradas
como deuda a efectos del impuesto sobre la renta federal de Estados Unidos.
Asambleas
Las condiciones de las Obligaciones incluyen disposiciones para la
convocatoria de asambleas de tenedores de dichas Obligaciones para debatir
asuntos que afecten a sus intereses en general. Estas disposiciones permiten
mayorías definidas para obligar a todos los tenedores, incluidos los que no
asistieron ni votaron en la asamblea en cuestión y los que votaron en sentido
contrario a la mayoría.
C.11
Admisión a
negociación
0012230-0004552 MD:3335357.2
La Bolsa de Valores irlandesa ha recibido una solicitud para que las
Obligaciones sean admitidas a negociación en la Bolsa de Valores irlandesa.
6
Elemento
Título
C.15
Descripción
de cómo el
valor de la
inversión se
ve afectado
por el valor
del/de los
instrumento(s)
subyacente(s)
El importe de amortización pagadero al vencimiento dependerá de la
rentabilidad del/de los subyacente(s) de que se trate.
Fecha de
vencimiento
y fecha de
referencia
final
La fecha de vencimiento es el 8 de noviembre de 2016. Consúltese en las
disposiciones relacionadas con las fechas de valoración recogidas en el
Elemento C.18 más adelante en lo relativo a la fecha de referencia final.
C.16
Consúltese asimismo el Elemento C.18 más adelante.
Amortización anticipada
Consúltese el apartado "Supuestos de incumplimiento" incluido en el
Elemento C.8 anterior y en el apartado "Días de Perturbación, Supuestos de
Perturbación del Mercado y Ajustes" más adelante para obtener información
sobre la amortización anticipada en relación con las Obligaciones.
Además, (a) las Obligaciones podrán amortizarse por anticipado por
determinados motivos fiscales; y (b) si el Emisor determinase que el
cumplimiento de sus obligaciones derivadas de una emisión de Obligaciones
o que cualesquiera acuerdos alcanzados para cubrir las obligaciones del
Emisor derivadas de las Obligaciones han devenido o devendrán ilícitos, en
su totalidad o en parte, por cualquier motivo, el Emisor podrá amortizar
anticipadamente las Obligaciones y, cuando lo autorice el Derecho aplicable,
pagará, respecto a cada Obligación, un importe igual al importe de
amortización anticipada.
El importe de amortización anticipada pagadero en caso de amortización
anticipada de las Obligaciones será equivalente al importe que sea, tal como
determine el Agente de Cálculo, el valor razonable de mercado de las
Obligaciones en un día seleccionado por el Emisor (importe que incluirá las
sumas en concepto de cupón corrido), aunque ajustado para reflejar
completamente las pérdidas, gastos y costes para el Emisor (o para
cualquiera de sus asociadas) derivados de la rescisión de cualesquiera
acuerdos de cobertura y financiación relacionados con las Obligaciones, bien
entendido que, a los efectos de determinar el valor razonable de mercado de
las Obligaciones tras un supuesto de incumplimiento, la situación financiera
del Emisor, que se presumirá que es capaz de cumplir íntegramente sus
obligaciones respecto a las Obligaciones, no se tendrá en cuenta.
0012230-0004552 MD:3335357.2
7
C.17
Procedimiento de
liquidación
de valores
derivados
Las Obligaciones son Obligaciones liquidadas mediante pago en efectivo
C.18
Rentabilidad
en valores
derivados
Las Obligaciones no pagarán intereses
El importe de amortización vencido en la fecha de vencimiento se
determinará de acuerdo con las siguientes disposiciones sobre
amortización
Amortización
Si:
(a)
(b)
0012230-0004552 MD:3335357.2
no se ha producido un supuesto de barrera de amortización y se
especifica un "supuesto de barrera superior de amortización", en tal
caso las Obligaciones se amortizarán en la fecha de vencimiento por la
suma para cada importe de cálculo equivalente
(i)
si se ha producido un supuesto de barrera superior de
amortización (lo que significa que el nivel de cierre
subyacente del/de los subyacente(s) de barrera de amortización
en la fecha de valoración del supuesto de barrera superior de
amortización es igual o superior al 100% (que es el porcentaje
de barrera superior de amortización) del nivel de ejercicio de
amortización del/de los correspondiente(s) subyacente(s) de
amortización), al importe de amortización ligado a la
rentabilidad determinado de acuerdo con las disposiciones
sobre opción de compra posteriores; Ó
(ii)
si no se ha producido un supuesto de barrera superior de
amortización, al importe de amortización vencido cuando no
se haya producido un supuesto de barrera superior ni un
supuesto de barrera de amortización, que es el importe de
amortización ligado a la rentabilidad determinado de acuerdo
con las disposiciones sobre opción “twin win” incluidas más
adelante; Ó
se ha producido un supuesto de barrera de amortización, en tal caso el
importe de amortización vencido cuando el supuesto de barrera de
amortización se haya producido únicamente respecto a cada importe de
cálculo será el importe de amortización ligado a la rentabilidad
determinado de acuerdo con las disposiciones sobre opción de venta
posteriores.
8
Fechas
La fecha de valoración final es el 31 de octubre de 2016 (con sujeción a
ajuste – consúltese el apartado "Días de Perturbación, Supuestos de
Perturbación del Mercado y Ajustes" más adelante).
La fecha de observación de barrera de amortización es el 31 de octubre de
2016 (con sujeción a ajuste – consúltese el apartado "Días de Perturbación,
Supuestos de Perturbación del Mercado y Ajustes" más adelante).
La(s) fecha(s) de ejercicio de amortización es el 31 de octubre de 2013 (con
sujeción a ajuste – consúltese el apartado "Días de Perturbación, Supuestos de
Perturbación del Mercado y Ajustes" más adelante).
La(s) fecha(s) de valoración del supuesto de barrera superior de
amortización es el 31 de octubre de 2016 (con sujeción a ajuste – consúltese
el apartado "Días de Perturbación, Supuestos de Perturbación del Mercado y
Ajustes" más adelante).
Definiciones relativas al/a los subyacente(s) pertinentes para la amortización,
la rentabilidad de dicho(s) subyacente(s) y los niveles de dicho(s)
subyacente(s)
Por subyacente de amortización se entenderá el o cada subyacente
especificado como subyacente al efecto de las disposiciones sobre
amortización recogidas en el Elemento C.20 más adelante.
El/Los subyacente(s) de rentabilidad final o (FPU, del inglés final
performance underlying) es, según se aplique la "observación del subyacente
individual", el subyacente de amortización.
La rentabilidad final se determinará de acuerdo con las disposiciones sobre
"observación del subyacente individual", lo que significa que la rentabilidad
final respecto al subyacente de amortización equivale, según determine el
Agente de Cálculo, a un importe expresado en forma de porcentaje igual al
nivel de referencia final del subyacente de amortización menos su nivel de
ejercicio de amortización, dividido todo ello entre su nivel inicial de
amortización, expresado mediante la siguiente fórmula:
Nivel de referencia final − Nivel de ejercicio de amortización
Nivel inicial de amortización
El nivel de ejercicio de amortización de un subyacente de amortización es el
nivel inicial de amortización de dicho subyacente de amortización.
Por nivel de referencia final se entenderá, respecto a una fecha de valoración
final o, en su caso, a unas fechas de valoración final y respecto al o a cada
subyacente de amortización: "el nivel de cierre en la fecha de valoración
final", que es el nivel de cierre del subyacente correspondiente a dicho
subyacente de amortización en esa fecha de valoración final.
0012230-0004552 MD:3335357.2
9
Un supuesto de barrera de amortización tendrá lugar si, según determine el
Agente de Cálculo, en la fecha de observación de barrera de amortización
relacionada, el nivel de cierre subyacente del subyacente de amortización
(el/los "subyacente(s) de barrera de amortización") es inferior al nivel de
barrera final ("observación de cierre europeo del supuesto de barrera de
amortización").
El nivel de barrera final es el 75% del nivel inicial de amortización del
correspondiente subyacente de barrera de amortización.
Definiciones relativas a la determinación del importe de amortización ligado a
la rentabilidad vencido
Por importe de amortización ligado a la rentabilidad determinado de
acuerdo con las "disposiciones sobre opción de venta" se entenderá que el
importe de amortización será un importe de "opción de venta" determinado por
el Agente de Cálculo como el producto del importe de cálculo (CA, del inglés
calculation amount) por la suma de 100% (que es el "porcentaje pertinente") y
la rentabilidad final del/de los subyacente(s) de rentabilidad final (FPU) (que
será inferior a EUR750), expresado mediante la siguiente fórmula:
CA x (100% + rentabilidad final del FPU)
Por importe de amortización ligado a la rentabilidad determinado de
acuerdo con las "disposiciones sobre opción de compra" se entenderá que
el importe de amortización será un importe de "opción de compra"
determinado por el Agente de Cálculo como la suma de (a) el importe de
cálculo (CA) y (b) el producto del importe de cálculo (CA) por la rentabilidad
final del/de los subyacente(s) de rentabilidad final (FPU), expresado mediante
la siguiente fórmula:
CA + (CA x rentabilidad final del FPU)
Dicho importe de amortización está sujeto a un importe máximo (cap) de
EUR1.250 y a un importe mínimo (floor) de EUR1.000.
Por importe de amortización ligado a la rentabilidad determinado de
acuerdo con las "disposiciones sobre opción twin win" se entenderá que el
importe de amortización será un importe de "opción twin win" determinado por
el Agente de Cálculo como el producto de (a) el importe de cálculo (CA) por
(b) la suma de 100% (que es el "porcentaje pertinente") y el valor absoluto
(Abs) (que significa el valor porcentual positivo del porcentaje con
independencia de su signo) de la rentabilidad final del/de los subyacente(s) de
rentabilidad final (FPU), expresado mediante la siguiente fórmula:
CA x (100% + Abs [rentabilidad final del FPU])
Por tanto, dicho importe de amortización está sujeto a un importe mínimo
(floor) de EUR1.000.
El importe de cálculo o CA es EUR1.000.
Días de Perturbación, Supuestos de Perturbación del Mercado y Ajustes
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10
Los términos y condiciones de las Obligaciones incluyen disposiciones
relativas, en su caso, a supuestos que afectan al/a los correspondiente(s)
subyacente(s), a la modificación o al cese del/de los correspondiente(s)
subyacente(s), disposiciones sobre perturbación de la liquidación y
perturbación del mercado y disposiciones relativas a ulteriores correcciones del
nivel de un subyacente e información detallada de las consecuencias de dichos
supuestos. Esas disposiciones pueden permitir al Emisor exigir al Agente de
Cálculo que determine qué ajustes deberían introducirse a raíz del
acaecimiento del correspondiente supuesto (lo que puede incluir el
aplazamiento de cualquier valoración requerida o la sustitución por otro
subyacente y/o, en el caso de un mayor coste de cobertura, los ajustes para
repercutir a los Obligacionistas ese mayor coste de cobertura (incluyendo, a
título meramente enunciativo aunque no limitativo, la reducción de
cualesquiera sumas pagaderas o entregables respecto a las Obligaciones para
reflejar cualquiera de esos mayores costes) y/o, en el caso de una perturbación
de la realización, el pago en la correspondiente moneda local en lugar de en la
correspondiente moneda especificada, la deducción de o el pago por el/los
Obligacionista(s) de sumas respecto a cualesquiera impuestos aplicables, el
aplazamiento de pagos o entregas, la determinación de los correspondientes
tipos de cambio teniendo en consideración toda la información pertinente
disponible y/o (cuando esté legalmente permitido) procurar la entrega física de
cualquier/cualesquiera subyacente(s) en lugar de la liquidación mediante pago
en efectivo (o viceversa) y/o, en el caso de participaciones en fondos de
inversión, ajustes para 'monetizar' la participación en fondos de inversión
afectada por el correspondiente supuesto de ajuste y ajustar las sumas a pagar
con arreglo a las Obligaciones para tener en cuenta dicha monetización) o bien
que anule las Obligaciones y pague una suma equivalente al importe de
amortización anticipada especificado en el Elemento C.16 anterior.
C.19
Precio
de
ejercicio/precio
de
referencia
final
Consúltese el Elemento C.18 precedente.
C.20
Subyacente
Cada subyacente especificado dentro del apartado "Descripción del
subyacente" de la Tabla a continuación que sea un subyacente a efectos, tal
como se especifique en esa Tabla para dicho subyacente, de las disposiciones
sobre amortización expuestas en el Elemento C.18 anterior, y pertenezca a la
clasificación especificada para dicho subyacente en la Tabla a continuación. La
información relativa a los subyacentes podrá obtenerse en la página electrónica
indicada para dicho subyacente en la Tabla a continuación y en otras fuentes de
información publicada o mostrada por medios electrónicos que gocen de
reconocimiento internacional.
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Descripción del
subyacente
Clasificación
Subyacente a efectos de las
disposiciones sobre amortización
Página electrónica
Índice (de precios)
EURO STOXX 50®
Índice de
valores
Sí
Página de Bloomberg: SX5E Index
SECCIÓN D – RIESGOS
Elemento
Título
D.2
Riesgos
clave
asociados a
los Emisores
Citigroup Inc. considera que los factores resumidos a continuación pueden
afectar a su capacidad para atender sus obligaciones derivadas de las
Obligaciones. Todos estos factores son eventualidades que podrían suceder o no
y Citigroup Inc. no está en condiciones de emitir una opinión sobre la
probabilidad del acaecimiento de cualquiera de esas eventualidades.
Existen determinados factores que pueden afectar a la capacidad de Citigroup
Inc. para atender sus obligaciones derivadas de cualesquiera Obligaciones que
emita, incluyendo que dicha capacidad dependerá de los beneficios de las
filiales de Citigroup Inc., de que a Citigroup Inc. se le exija destinar sus fondos
disponibles a respaldar la posición financiera de sus bancos filiales en lugar de
destinarlos a atender sus obligaciones derivadas de las Obligaciones, de que el
negocio de Citigroup Inc. resulte afectado por la coyuntura económica, por el
riesgo de crédito, de mercado y de liquidez de mercado, por la competencia, por
el riesgo-país, el riesgo operacional, por las políticas fiscales y monetarias
adoptadas por las correspondientes autoridades reguladoras, por los riesgos
reputacional y legal y por ciertas consideraciones de índole regulatoria.
D.3
Riesgos
clave
asociados a
las
Obligaciones
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Los inversores deberían tener presente que las Obligaciones (incluyendo las
Obligaciones emitidas expresamente para ser amortizadas a la par o sobre par)
están sujetas al riesgo de crédito de Citigroup Inc. Además, las Obligaciones
podrán venderse, amortizarse o reembolsarse por anticipado y, en tal caso, el
precio por el que una Obligación sea vendida, amortizada o reembolsada por
anticipado puede ser inferior a la inversión inicial del inversor. Hay algunos
otros factores que resultan significativos al efecto de evaluar los riesgos
asociados a la inversión en cualquier emisión de Obligaciones, entre los que se
incluyen, a título meramente enunciativo aunque no limitativo, los siguientes:
(i) riesgo de perturbación de las valoraciones, (ii) ajuste en las condiciones,
sustitución del/de los correspondiente(s) subyacente(s) y/o amortización
anticipada a raíz de un supuesto de ajuste o de una ilicitud, (iii) aplazamiento de
los pagos de intereses y/o imposición de límites mínimo y/o máximo sobre los
tipos de interés, (iv) anulación o reducción del volumen de oferta públicas o
aplazamiento de la fecha de emisión, (v) actividades de cobertura del Emisor
y/o de cualquiera de sus asociadas, (vi) conflictos de intereses entre el Emisor
y/o cualquiera de sus asociadas y los tenedores de Obligaciones, (vii)
modificación de los términos y condiciones de las Obligaciones mediante votos
mayoritarios que obliguen a todos los tenedores, (viii) ejercicio de las
potestades discrecionales del Emisor y del Agente de Cálculo de tal manera que
afecte al valor de las Obligaciones o resulte en una amortización anticipada, (ix)
modificación de la ley, (x) iliquidez de las denominaciones que consistan en
múltiplos enteros, (xi) sujeción de los pagos a retención fiscal en la fuente o a
12
Elemento
Título
otros impuestos, (xii) falta de cómputo de honorarios y comisiones a la hora de
determinar los precios en el mercado secundario de las Obligaciones, (xiii)
inexistencia de un mercado secundario, (xiv) riesgo de cambio, (xv) el hecho de
que el valor de mercado de las Obligaciones se vea afectado por diversos
factores independientes de la solvencia de Citigroup Inc., como la coyuntura de
mercado, los tipos de interés y de cambio y las condiciones macroeconómicas y
políticas y (xvi) el hecho que las calificaciones de solvencia (ratings) no reflejen
todos los riesgos.
Consúltese asimismo el Elemento D.6 a continuación.
D.6
Riesgos
clave
asociados a
las
Obligaciones
y advertencia
sobre riesgos
LOS INVERSORES PODRÍAN PERDER LA TOTALIDAD O PARTE
DE SU INVERSIÓN. CITIGROUP INC. NO MANIFIESTA QUE LA
SIGUIENTE LISTA SEA EXHAUSTIVA. LOS EVENTUALES
INVERSORES DEBERÍAN LEER EL FOLLETO DE BASE EN SU
TOTALIDAD Y FORMARSE SUS PROPIAS CONCLUSIONES
ACERCA DE CITIGROUP INC.
La inversión en Obligaciones puede entrañar importantes riesgos y riesgos no
asociados a una inversión en un instrumento de deuda con un importe de
principal fijo y que devengue intereses a tipo fijo o a tipo variable determinados
por referencia a unos indicadores publicados de tipos de interés de referencia.
Estos riesgos incluyen, a título meramente enunciativo y no limitativo, la
posibilidad de fuertes oscilaciones de los precios del/de los correspondiente(s)
subyacente(s). Tales riesgos dependerán, por lo general, de factores sobre los
que Citigroup Inc. carece de control y que no son fáciles de prever, como los
acontecimientos económicos y políticos y la oferta y demanda del/de los
correspondiente(s) subyacente(s). En los últimos años, los tipos de cambio y los
precios del/de los diversos subyacente(s) han mostrado una alta volatilidad, y
cabe esperar que dicha volatilidad pueda persistir en el futuro. No obstante, las
fluctuaciones registradas en el pasado por cualquiera de esos tipos o precios no
son necesariamente indicativas de las fluctuaciones que podrían producirse
durante la vigencia de las Obligaciones. El riesgo de pérdida como
consecuencia de la vinculación al/a los correspondiente(s) subyacente(s) podría
ser elevado.
SECCIÓN E – OFERTA
Elemento
Título
E.2b
Destino de
los
ingresos de
la oferta
Citigroup Inc. destinará el ingreso neto que reciba de la emisión de las
Obligaciones a sus fines societarios generales, entre los que pueden estar las
aportaciones de capital a sus filiales y/o la reducción o las refinanciaciones de
empréstitos de Citigroup Inc. o de sus filiales. Citigroup Inc. prevé contraer más
endeudamiento en el futuro.
E.3
Términos y
condiciones de la
Las Obligaciones son el objeto de una Oferta No Exenta cuyos términos y
condiciones se exponen, de manera más detallada, a continuación y en las
Condiciones Finales aplicables.
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13
Elemento
Título
oferta
Una Oferta No Exenta de las Obligaciones podrá realizarse en el Reino de
España (la Oferta Española) durante el período comprendido entre el 8 de
octubre de 2013 y el 31 de octubre de 2013 (ambos inclusive). Dicho período
podrá acortarse a discreción del Emisor. El Emisor se reserva el derecho de
anular la Oferta Española.
El precio de oferta es de EUR1.000 por importe de cálculo. Además de
cualesquiera gastos detallados en el Elemento E.7 más adelante, un Oferente
Autorizado podrá aplicar a los inversores con arreglo a la Oferta Española una
comisión de participación de hasta el 4.00 por ciento del importe de principal de
las Obligaciones que vaya a comprar el inversor en cuestión. El importe de
suscripción mínimo es EUR10.000. El Emisor podrá rechazar, total o
parcialmente, una solicitud de suscripción de Obligaciones con arreglo a la
Oferta Española.
E.4
Intereses
de
personas
físicas y
jurídicas
que
participan
en la
emisión
/oferta
La Entidad Colocadora y/o cualesquiera entidades comercializadoras recibirán
un pago de hasta el 8,00% del importe de principal agregado en concepto de
honorarios relacionados con la emisión de Obligaciones. Según el leal saber y
entender del Emisor, ninguna persona participante en la oferta de las
Obligaciones posee un interés significativo en la(s) Oferta(s)
E.7
Gastos
estimados
repercutidos a los
inversores
por el
Emisor o
por un
Oferente
Autorizado
El Emisor no ha liquidado gastos a los inversores. Los Oferentes Autorizados no
han cobrado ningún gasto a los inversores.
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14

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