Chicago, May 25 – Citigroup Global Markets Holdings Inc. priced $560,000 of autocallable contingent coupon equity-linked securities due Nov. 2, 2022 linked to the worst performing of the Financial Select Sector SPDR Fund and the SPDR S&P Regional Banking 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 7% 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 will also be paid.
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 final value of each ETF is above its 79% barrier level, at maturity investors will receive par.
Otherwise, investors will lose 1% for every 1% that the worst performing ETF declines from its initial level, payable in shares or in cash at the issuer’s option.
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: | Financial Select Sector SPDR Fund and the SPDR S&P Regional Banking ETF
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| Amount: | $560,000
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| Maturity: | Nov. 2, 2022
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| Coupon: | 7% annualized rate, payable quarterly if each ETF closes at or above coupon barrier level, on valuation date for that period; previously unpaid coupons will also be paid
|
| Price: | Par
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| Payout at maturity: | Par if both funds close above barrier levels; otherwise, 1% loss for every 1% that the worst performing ETF declines from its initial level, payable in shares or in cash at the issuer’s option
|
| Call: | Automatically at par plus any coupon if each ETF closes at or above initial level on any quarterly valuation date
|
| Initial levels: | $40.42 for Financial, $71.15 for Banking
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| Coupon barrier levels: | $31.932 for Financial, $56.209 for Banking; 79% of initial levels
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| Barrier levels: | $31.932 for Financial, $56.209 for Banking; 79% of initial levels
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| Equity ratios: | 24.74023 for Financial, 14.05481 for Banking
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| Pricing date: | Oct. 28, 2021
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| Settlement date: | Nov. 2, 2021
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 1%
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| Cusip: | 17328NC89
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