By Kiku Steinfeld
Chicago, Oct. 8 – Citigroup Global Markets Holdings Inc. priced $1.35 million of autocallable contingent coupon equity-linked securities due Oct. 4, 2021 linked to the worst performing of the Invesco QQQ Trust, series 1 and the SPDR S&P 500 ETF Trust 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 plus any previously unpaid coupons at an annual rate of 8% if each fund closes at or above the coupon barrier price, 70% of the initial price, on the valuation date for that quarter.
The notes will be automatically called at par plus the coupon and any previously unpaid coupons if each fund closes at or above its initial price, on any quarterly valuation date other than the final one.
If the notes are not called and each fund finishes at or above final barrier price, 70% of its initial level, the payout at maturity will be par plus the final coupon and any previously unpaid coupons. Otherwise, investors will receive shares of the worst performer equal to $1,000 divided by the initial share price or, at the issuer’s option, the cash equivalent of those shares.
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: | Autocallable contingent coupon equity-linked securities
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Underlying funds: | Invesco QQQ Trust, series 1 and the SPDR S&P 500 ETF Trust
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Amount: | $1,345,000
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Maturity: | Oct. 4, 2021
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Coupon: | 8% annualized rate, payable quarterly if each fund closes at or above coupon barrier price, on valuation date for that quarter
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Price: | Par
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Payout at maturity: | Par plus contingent coupon if each fund closes at or above final barrier; otherwise, number of shares of the worst performer equal to the principal amount divided by initial share price of worst performing fund or, at issuer’s option, cash equivalent
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Call: | Automatically at par plus coupon if each fund closes at or above initial level on any quarterly valuation date other than final one
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Initial levels: | $275.95 for Invesco and $332.37 for S&P
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Barrier levels: | $193.165 for Invesco and $232.659 for S&P, 70% of initial levels
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Equity ratios: | 3.62384 for Invesco and 3.00870 for S&P
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Pricing date: | Sept. 29
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Settlement date: | Oct. 2
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Underwriter: | Citigroup Global Markets Inc.
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Fees: | 1%
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Cusip: | 17324XZ86
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