By Kiku Steinfeld
Chicago, Sept. 8 – Citigroup Global Markets Holdings Inc. priced $1.53 million of callable contingent coupon equity-linked securities due July 9, 2024 linked to the worst performing of the Invesco QQQ Trust, series 1, the iShares Russell 2000 ETF and the SPDR S&P 500 ETF trust, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The notes pay a contingent quarterly coupon at an annualized rate of 7% if each fund closes at or above its coupon barrier level, 70% of its initial level, on the valuation date for that period.
The notes will be callable in whole at par plus any coupon due on any quarterly valuation date.
If the notes are not redeemed, the payout will be par unless any fund finishes below 65% of its initial level, in which case investors will be fully exposed to the loss of the least performing fund, payable in shares or in cash at the issuer’s option.
Citigroup Global Markets Inc.is the underwriter.
| Issuer: | Citigroup Global Markets Holdings Inc.
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| Guarantor: | Citigroup Inc.
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| Issue: | Callable contingent coupon equity-linked securities
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| Underlying funds: | Invesco QQQ Trust, series 1, iShares Russell 2000 ETF and SPDR S&P 500 ETF trust
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| Amount: | $1.53 million
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| Maturity: | July 9, 2024
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| Contingent coupon: | 7% per year, payable quarterly if each fund closes at or above coupon barrier on the valuation date for that period
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| Price: | Par
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| Payout at maturity: | Par unless any fund finishes below its final barrier level, in which case investors will be fully exposed to the loss of the least performing fund, payable in shares or in cash at the issuer’s option
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| Call option: | In whole at par plus any coupon due on any quarterly valuation date
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| Initial levels: | $353.71 for Invesco, $230.44 for Russell and $427.47 for S&P
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| Coupon barriers: | $247.597 for Invesco, $161.308 for Russell and $299.229 for S&P; 70% of initial levels
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| Final barriers: | $229.912 for Invesco, $149.786 for Russell and $277.856 for S&P; 65% of initial levels
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| Equity ratios: | 2.82717 for Invesco, 4.33952 for Russell and 2.33935 for S&P
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| Pricing date: | June 29
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| Settlement date: | July 7
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 0.85%
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| Cusip: | 17328NTN8
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