By Wendy Van Sickle
Columbus, Ohio, March 25 – Citigroup Global Markets Holdings Inc. priced $4.25 million of 0% capped gears due April 5, 2023 linked to the United States Oil Fund, LP, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
If the fund return is positive, the payout at maturity will be par plus 4.7 times the fund gain, capped at $19.40 per each $10 face amount of notes.
Investors will lose 1% for each 1% of losses in the fund up to 20% and 2% for each 1% decline in the fund beyond 20%, subject to a minimum payout of zero. Because the downside loss beyond 20% is accelerated, investors will receive zero if the fund finishes at or below 60% of its initial level. The final fund level will be based on the average of the closing prices on each monthly valuation date beginning on April 29, 2022.
Citigroup Global Markets Inc. is the underwriter with UBS Financial Services Inc. as selling agent.
| Issuer: | Citigroup Global Markets Holdings Inc.
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| Guarantor: | Citigroup Inc.
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| Issue: | Capped gears
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| Underlying fund: | United States Oil Fund, LP
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| Amount: | $4.25 million
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| Maturity: | April 5, 2023
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| Coupon: | 0%
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| Price: | Par of $10
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| Payout at maturity: | Par plus 4.7 times any fund gain, capped at par plus $19.40 per each $10 note; 1% loss for each 1% loss up to 20% and 2% loss for each 1% loss beyond 20%; floor of zero
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| Initial fund level: | $6.54
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| Downside threshold: | $5.23, 80% of initial level
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| Final level: | Average of closing prices on each monthly valuation date beginning on April 29, 2022
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| Pricing date: | March 18
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| Settlement date: | March 23
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| Underwriter: | Citigroup Global Markets Inc. with UBS Financial Services Inc. as selling agent
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| Fees: | 0.75%
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| Cusip: | 17327U723
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