By William Gullotti
Buffalo, N.Y., Dec. 6 – Citigroup Global Markets Holdings Inc. priced $2.73 million of autocallable phoenix securities due Dec. 7, 2022 linked to the stock performance of Alibaba Group Holding Ltd., 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 the stock closes at or above its 65.4% coupon barrier on the related quarterly observation date. Previously unpaid coupons, if any, will be automatically included whenever a contingent coupon is paid.
The notes will be called at par plus the contingent coupon if the stock closes at or above its initial price on any quarterly valuation date.
If the notes are not called and the stock finishes at or above its 65.4% barrier, the payout at maturity will be par plus the final coupon. Otherwise, investors will receive a number of shares equal to $1,000 divided by the initial share price or, at the issuer’s option, the cash equivalent.
Citigroup Global Markets Inc. is the agent.
| Issuer: | Citigroup Global Markets Holdings Inc.
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| Guarantor: | Citigroup Inc.
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| Issue: | Autocallable phoenix securities
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| Underlying stock: | Alibaba Group Holding Ltd.
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| Amount: | $2,725,000
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| Maturity: | Dec. 7, 2022
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| Coupon: | 10% annualized, payable quarterly if the stock closes at or above coupon barrier on the relevant determination date; coupon payment events will automatically include any previously unpaid coupons
|
| Price: | Par
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| Payout at maturity: | If the stock finishes at or above barrier, par plus final coupon; otherwise, receive 10.89538 shares per security or the cash equivalent at the issuer’s option
|
| Call: | At par plus contingent coupon if stock closes at or above initial price on any quarterly valuation date
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| Initial share price: | $140.34
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| Coupon barrier: | $91.782; 65.4% of initial price
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| Buffer: | $91.782; 65.4% of initial price
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| Strike date: | Nov. 19
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| Pricing date: | Nov. 22
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| Settlement date: | Nov. 26
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| Agent: | Citigroup Global Markets Inc.
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| Fees: | 1%
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| Cusip: | 17328NU55
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