By Wendy Van Sickle
Columbus, Ohio, Nov. 4 – Citigroup Global Markets Holdings Inc. priced $23.66 million of autocallable contingent coupon equity-linked securities due Oct. 31, 2023 linked to the worst performing of the Technology Select Sector SPDR fund, the SPDR S&P Biotech ETF and the SPDR S&P Bank 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 12.6% if each underlier closes at or above the coupon barrier level, 75% of the initial level, on the valuation date for that period.
The notes will be automatically called at par plus the coupon if each underlier closes at or above its initial level, on any quarterly valuation date.
If the notes are not called and each underlier finishes at or above its coupon barrier, the payout at maturity will be par plus the final coupon.
If the worst performer finishes below its coupon barrier but at or above its final barrier level, 75% of its initial level, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% decline of the worst performer from its initial level.
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 assets: | SPDR S&P Bank ETF, SPDR S&P Biotech ETF, Technology Select Sector SPDR fund
|
| Amount: | $23,659,000
|
| Maturity: | Oct. 31, 2023
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| Coupon: | 12.6% annualized rate, payable quarterly if each underlier closes at or above coupon barrier level, on valuation date for that period
|
| Price: | Par
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| Payout at maturity: | Par plus contingent coupon if each underlier closes at or above coupon barrier; if the worst performer finishes below coupon barrier but at or above final barrier, par; otherwise, investors will lose 1% for every 1% decline of the worst performer from its initial level
|
| Call: | Automatically at par plus coupon if each underlier closes at or above initial level on any quarterly valuation date
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| Initial levels: | $270.04 for ETF, $55.57 for S&P Bank, $126.17 for S&P Biotech
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| Coupon barrier levels: | $216.032 for ETF, $41.678 for S&P Bank, $94.628 for S&P Biotech; 75% of initial levels
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| Final barrier levels: | $216.032 for ETF, $41.678 for S&P Bank, $94.628 for S&P Biotech; 75% of initial levels
|
| Pricing date: | Oct. 28
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| Settlement date: | Nov. 3
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 1.75%
|
| Cusip: | 17329ULH2
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