By Wendy Van Sickle
Columbus, Ohio, July 20 – Citigroup Global Markets Holdings Inc. priced $10 million of autocallable phoenix securities due July 11, 2024 linked to the stock performance of Tesla, Inc., 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 17.7504% if the stock closes at or above its 60% 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 60% buffer, the payout at maturity will be par plus the final coupon.
Otherwise, investors will lose 1.6667% for every 1% decline of the stock decline beyond 40%.
Citigroup Global Markets Inc. is the underwriter with J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA acting as the placement 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: | Tesla, Inc.
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| Amount: | $10 million
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| Maturity: | July 11, 2024
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| Coupon: | 17.7504% 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
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| Price: | Par
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| Payout at maturity: | If the stock finishes at or above buffer, par plus final coupon; otherwise, 1.6667% loss for each 1% stock decline beyond 40%
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| 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: | $282.48
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| Coupon barrier: | $169.488; 60% of initial price
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| Buffer: | $169.488; 60% of initial price
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| Strike date: | July 5
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| Pricing date: | July 6
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| Settlement date: | July 11
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| Underwriter: | Citigroup Global Markets Inc. with J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA as the placement agent
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| Fees: | 0.1%
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| Cusip: | 17291RT85
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