By Kiku Steinfeld
Chicago, June 2 – Citigroup Global Markets Holdings Inc. priced $1.28 million of autocallable contingent coupon equity-linked securities due June 2, 2022 linked to the worst performing of the Invesco QQQ Trust, Series 1 and the SPDR S&P 500 ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The notes pay a quarterly contingent coupon at an annual rate of 8% if both ETFs close at or above their coupon barrier values, 75% of their initial levels, on the valuation date for that quarter.
The notes will be called at par if each asset closes at or above its initial level on any observation date.
The payout at maturity will be par plus the final coupon unless any asset finishes below the 75% final barrier value, in which case investors will receive a fixed number of shares of the worst performing asset equal to its equity ratio or, if Citigroup prefers, the cash value of those shares.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Global Markets Holdings Inc.
|
| Guarantor: | Citigroup Inc.
|
| Issue: | Autocallable contingent coupon equity-linked securities
|
| Underlying assets: | Invesco QQQ Trust, Series 1 and SPDR S&P 500 ETF
|
| Amount: | $1,275,000
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| Maturity: | June 2, 2022
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| Coupon: | 8% per year, payable quarterly if both ETFs close at or above their coupon barrier on the valuation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | If each asset finishes at or above final barrier, par plus coupon; otherwise, a fixed number of shares of worst performing asset equal to its equity ratio or cash value of shares
|
| Call: | At par plus the coupon if both assets close above their initial levels on a quarterly observation date
|
| Initial levels: | $230.29 for Invesco and $303.53 for SPDR S&P 500
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| Coupon barrier values: | $172.718 for Invesco and $227.648 for SPDR S&P 500; 75% of initial levels
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| Final barrier values: | $172.718 for Invesco and $227.648 for SPDR S&P 500; 75% of initial levels
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| Equity ratios: | 4.34235 for Invesco and 3.29457 for SPDR S&P 500
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| Pricing date: | May 27
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| Settlement date: | June 1
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| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 1.75%
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| Cusip: | 17324XA34
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