By Taylor Fox
New York, Feb. 22 – Citigroup Global Markets Holdings Inc. priced $1.63 million of 0% callable contingent coupon equity-linked securities due Jan. 30, 2023 linked to the least performing of the Financial Select Sector SPDR fund, the SPDR S&P Bank ETF 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 coupon of 8.35% per annum on a quarterly basis if the least-performing asset closes at or above its coupon barrier level, 65% of its initial level, on the valuation date for that period.
The notes may be called at par plus any coupon due at the issuer’s option on any quarterly call valuation date.
If all the funds finish above their final barrier levels, 65% of their initial levels, the payout at maturity will be par plus the final coupon.
Otherwise, investors will lose 1% for each 1% decline of the least-performing asset 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 Bank ETF and the SPDR S&P Regional Banking ETF
|
| ETF Amount: | $1,634,000
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| Maturity: | Jan. 30, 2023
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| Coupon: | 8.35% per annum on a quarterly basis if the least-performing funds closes at or above its coupon barrier value for that period
|
| Price: | Par
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| Payout at maturity: | If all the funds finish above final barrier levels, par plus the final coupon; otherwise, 1% loss for each 1% decline of the least-performing fund from its initial level
|
| Call: | At par plus any contingent coupon due at the issuer’s option on any quarterly call valuation date
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| Initial levels: | $30.12 for Financial Select, $45.18 for S&P Bank and $57.49 for Regional Banking
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| Coupon barrier levels: | $19.578 for Financial Select, $29.367 for S&P Bank and $37.369 for Regional Banking, 65% of initial levels
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| Final barrier levels: | $19.578 for Financial Select, $29.367 for S&P Bank and $37.369 for Regional Banking, 65% of initial levels
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| Pricing date: | Jan. 25
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| Settlement date: | Jan. 28
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 1.75%
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| Cusip: | 17328YLA0
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