Select EQUity Indexed NoteS (SEQUINS) are an equity linked product (equity-linked note)- a principal-protected note (PPN) – that used to provide performance that was linked to a common stock, with distributions of 8% ($0.80) per annum are paid quarterly on preset dates to holders of record (on the fifth business day prior to the payment date).
At maturity, if not called prior to the maturity date, the SEQUINS would deliver to the holder 0.52493 shares of underlying equity (Texas Instruments common stock). The SEQUINS were callable at Citigroup’s option on or after 8/02/2004. If called, cash payment would be made to provide a yield to call, including interest payments, of 14% per year.
The SEQUINS were senior unsecured debt securities of Citigroup Global Markets Holdings Inc. and ranked equally with all other unsecured and unsubordinated debt of the company.
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