By Kiku Steinfeld
Chicago, Feb. 22 – Citigroup Global Markets Holdings Inc. priced $2.03 million of autocallable contingent coupon equity-linked securities due Feb. 9, 2023 linked to the worst performing of the shares of the SPDR Gold Trust 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 monthly coupon at an annualized rate of 10.35% if each fund closes at or above the coupon barrier price, 75% of the initial price, on the valuation date for that period.
The notes will be automatically called at par plus the contingent coupon if the shares of each fund close at or above the initial share price on any quarterly call valuation date after six months.
If the notes are not called, the payout at maturity will be par unless the shares of the worst performer finish below the 75% barrier level, in which case investors will receive a fixed number of shares of the worst performing underlying equal to its equity ratio or, if the issuer prefers, the cash value of those shares.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Global Markets Holdings Inc.
|
| Guarantor: | Citigroup Inc.
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| Issue: | Autocallable contingent coupon equity-linked securities
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| Underlying funds: | SPDR Gold Trust and iShares Silver Trust
|
| Amount: | $2,026,000
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| Maturity: | Feb. 9, 2023
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| Coupon: | 10.35% per year, payable monthly if closing price of shares of both funds is greater than or equal to coupon barrier price on valuation date for that period
|
| Price: | Par
|
| Payout at maturity: | Par plus final coupon unless shares of worst performer finish below barrier level, in which case a fixed number of shares of the worst performing underlying equal to its equity ratio or cash value
|
| Call: | At par plus contingent coupon if closing share price of worst performer is greater than or equal to initial share price on any quarterly call valuation date after six months
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| Initial share prices: | $24.95 for silver and $169.81 for gold
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| Coupon barrier prices: | $18.713 for silver and $127.358 for gold, 75% of initial share price
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| Barrier levels: | $18.713 for silver and $127.358 for gold, 75% of initial share price
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| Equity ratios: | 40.08016 for silver and 5.88893 for gold
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| Pricing date: | Feb. 5
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| Settlement date: | Feb. 10
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 1.75%
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| Cusip: | 17328NCR7
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