By William Gullotti
Buffalo, N.Y., May 10 – Citigroup Global Markets Holdings Inc. priced $783,000 of autocallable contingent coupon equity-linked securities due April 24, 2024 linked to the worst performing of the iShares Silver Trust and the SPDR S&P metals & mining ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The notes will pay a contingent quarterly coupon at an annual rate of 10% if each fund closes at or above its coupon barrier price, 75% of its initial share price, on the valuation date for that period. Previously unpaid coupons will also be paid.
The notes will be automatically called at par plus the coupon if each fund closes at or above its initial share price on any quarterly autocall date after six months.
If the notes are not called and each fund finishes at or above its final barrier price, 60% of its initial share price, the payout at maturity will be par plus the final coupon. Otherwise, investors will be fully exposed to the losses of the worst performer, payable either in shares or cash at the issuer’s option.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Global Markets Holdings Inc.
|
| Guarantor: | Citigroup Inc.
|
| Issue: | Autocallable contingent coupon equity-linked securities
|
| Underlying funds: | iShares Silver Trust, SPDR S&P Metals & Mining ETF
|
| Amount: | $783,000
|
| Maturity: | April 24, 2024
|
| Coupon: | 10% annualized rate, payable quarterly if each fund closes at or above coupon barrier price on valuation date for that period; previously unpaid coupons will also be paid
|
| Price: | Par
|
| Payout at maturity: | Par plus contingent coupon if each fund closes at or above final barrier price; otherwise, full exposure to losses of worst performer, payable either in shares or cash at the issuer’s option
|
| Call: | Automatically at par plus coupon if each fund closes at or above initial level on any quarterly valuation date after six months
|
| Initial share prices: | $23.98 for iShares, $40.61 for SPDR
|
| Coupon barrier prices: | $17.985 for iShares, $30.458 for SPDR; 75% of initial share prices
|
| Final barrier prices: | $14.388 for iShares, $24.366 for SPDR; 60% of initial share prices
|
| Pricing date: | April 19
|
| Settlement date: | April 22
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 0.75%
|
| Cusip: | 17328NPB8
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
