By William Gullotti
Buffalo, N.Y., Aug. 19 – Citigroup Global Markets Holdings Inc. priced $1 million of callable contingent coupon equity-linked securities due May 16, 2022 linked to the worst performing of the Financial Select Sector SPDR Fund 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 pay a contingent quarterly coupon at an annualized rate of 16.6% if each fund closes at or above its coupon barrier level, 80% of its initial level, on the related observation date.
The notes will be callable in whole at par plus any coupon due on any quarterly valuation date.
If the notes are not redeemed early, the payout will be par plus the final coupon unless any asset finishes below 80% of its initial level, in which case investors will lose 1% for every 1% that the least performing asset declines, 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: | Callable contingent coupon equity-linked securities
|
| Underlying funds: | Financial Select Sector SPDR Fund, SPDR S&P Metals & Mining ETF
|
| Amount: | $1 million
|
| Maturity: | May 16, 2022
|
| Contingent coupon: | 16.6% per year, payable quarterly if each fund closes at or above coupon barrier on related observation date
|
| Price: | Par
|
| Payout at maturity: | Par plus coupon unless any asset finishes below final barrier level, in which case investors will lose 1% for every 1% that the least performing asset declines, payable in shares or cash at the issuer’s option
|
| Call option: | In whole at par plus any coupon due on any quarterly valuation date
|
| Initial levels: | $37.08 for Financial, $46.45 for Mining
|
| Coupon barrier levels: | $29.664 for Financial, $37.16 for Mining; 80% of initial levels
|
| Barrier levels: | $29.664 for Financial, $37.16 for Mining; 80% of initial levels
|
| Equity ratios: | 26.96872 for Financial, 21.52853 for Mining
|
| Pricing date: | May 11
|
| Settlement date: | May 14
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 1%
|
| Cusip: | 17328NSQ2
|
© 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.
