By Wendy Van Sickle
Columbus, Ohio, Aug. 2 – Citigroup Global Markets Holdings Inc. priced $2.08 million of callable contingent coupon equity-linked securities due June 10, 2024 linked to the worst performing of the VanEck Vectors Gold Miners ETF and the iShares Silver Trust, 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 9.25% if each ETF closes at or above the coupon barrier level, 75% of the initial level, on the valuation date for that period.
The notes will be callable at par plus the coupon on any quarterly valuation date after six months.
If the notes have not been called, the payout at maturity will be par unless either ETF finishes below its 60% barrier value, in which case investors will be fully exposed to the loss of the laggard ETF.
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: | iShares Silver Trust, VanEck Vectors Gold Miners ETF
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| Amount: | $2.08 million
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| Maturity: | June 10, 2024
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| Coupon: | 9.25% annualized rate, payable quarterly if each ETF closes at or above coupon barrier level, on valuation date for that period
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| Price: | Par
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| Payout at maturity: | Par unless either ETF finishes below its final barrier level level, in which case full exposure to loss
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| Call option: | At par plus coupon on any quarterly valuation date after six months
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| Initial levels: | $25.46 for iShares Silver, $38.17 for Gold Miners
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| Coupon barrier levels: | $19.095 for iShares Silver, $28.628 for Gold Miners; 75% of initial levels
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| Final barrier levels: | $15.276 for iShares Silver, $22.902 for Gold Miners; 60% of initial levels
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| Pricing date: | June 3
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| Settlement date: | June 10
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 1.5%
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| Cusip: | 17329FQW7
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