By William Gullotti
Buffalo, N.Y., Jan. 12 – Citigroup Global Markets Holdings Inc. priced $1.6 million of autocallable contingent coupon equity-linked securities due Aug. 29, 2022 linked to the worst performing of the iShares Silver Trust and the VanEck Vectors Gold Miners ETF, 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% if each ETF closes at or above the coupon barrier level, 79% of the initial level, on the valuation date for that period. Previously unpaid coupons, if any, will be automatically included whenever a contingent payment is made.
The notes will be automatically called at par plus the coupon if each ETF closes at or above its initial level, on any quarterly valuation date.
If the notes have not been called and each ETF finishes at or above its 79% final barrier, the payout at maturity will be par plus the final coupon and any previously unpaid coupons.
Otherwise, investors will receive a number of shares of the worst performer equal to $1,000 divided by that ETF’s initial share price or the cash equivalent at the issuer’s option.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Global Markets Holdings Inc.
|
| Guarantor: | Citigroup Inc.
|
| Issue: | Autocallable contingent coupon equity-linked securities
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| Underlying funds: | VanEck Vectors Gold Miners ETF, iShares Silver Trust
|
| Amount: | $1,603,000
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| Maturity: | Aug. 29, 2022
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| Coupon: | 9% annualized rate, payable quarterly if each ETF closes at or above coupon barrier level, on valuation date for that period; coupon payment events will automatically include any previously unpaid coupons
|
| Price: | Par
|
| Payout at maturity: | If each ETF finishes at or above final barrier, par plus final coupon and any previously unpaid coupons; otherwise, investors will receive a number of shares of the worst performer equal to that ETF’s equity ratio or the cash equivalent at the issuer’s option
|
| Call: | Automatically at par plus coupon if each ETF closes at or above initial level on any quarterly valuation date
|
| Initial levels: | $22.08 for Silver, $32.11 for Gold
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| Coupon barrier levels: | $17.443 for Silver, $25.367 for Gold; 79% of initial levels
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| Final barrier levels: | $17.443 for Silver, $25.367 for Gold; 79% of initial levels
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| Equity ratios: | 45.28986 for Silver, 31.14295 for Gold; shares per security
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| Pricing date: | Aug. 24
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| Settlement date: | Aug. 27
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 1%
|
| Cusip: | 17328NYB8
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