By William Gullotti
Buffalo, N.Y., April 14 – Citigroup Global Markets Holdings Inc. priced $1.19 million of callable contingent coupon equity-linked securities due April 11, 2025 linked to the worst performing of the Financial Select Sector SPDR Fund and the SPDR S&P Oil & Gas Exploration & Production ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The notes pay a contingent monthly coupon at an annualized rate of 19.75% if each ETF closes at or above its coupon barrier level, 70% of its initial level, on the related observation date.
The notes will be callable in whole, at the option of the issuer, at par plus any coupon due on any monthly valuation date after three months.
If the notes are not redeemed early, the payout will be par plus the final coupon if each ETF finishes at or above its coupon barrier.
If the worst performer finishes below its coupon barrier but at or above 60% of its initial level, the payout at maturity will be par. Otherwise, investors will be fully exposed to the decline of the worst performer from its initial level..
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: | Financial Select Sector SPDR Fund, SPDR S&P Oil & Gas Exploration & Production ETF
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| Amount: | $1.19 million
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| Maturity: | April 11, 2025
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| Contingent coupon: | 19.75% per year, payable monthly if each fund closes at or above coupon barrier on related observation date
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| Price: | Par
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| Payout at maturity: | Par plus coupon if each ETF finishes at or above its coupon barrier; if worst performer finishes below coupon barrier but not below final barrier, par; otherwise, investors will be fully exposed to the decline of the worst performer from its initial level
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| Call option: | In whole at par plus any coupon due on any monthly valuation date after three months
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| Initial levels: | $37.89 for Financial, $139.89 for Oil & Gas
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| Coupon barrier levels: | $26.523 for Financial, $97.923 for Oil & Gas; 70% of initial levels
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| Final barrier levels: | $22.734 for Financial, $83.934 for Oil & Gas; 60% of initial levels
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| Pricing date: | April 8
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| Settlement date: | April 13
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 0.75%
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| Cusip: | 17330FFN6
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