By Taylor Fox
New York, Nov. 18 – Citigroup Global Markets Holdings Inc. priced $685,000 of autocallable contingent coupon equity-linked securities due Nov. 3, 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.
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 be exposed to the downside of the worst performer, payable either in cash or shares at the issuer’s option.
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 SPDR S&P 500 ETF Trust
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Amount: | $685,000
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Maturity: | Nov. 3, 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; previously unpaid coupons will also be paid
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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, investors will be exposed to the downside of the worst performer, payable either in cash or shares at issuer’s option
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Call: | Automatically at par plus coupon if each fund closes at or above initial level on any quarterly valuation date
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Initial levels: | $276.39 for Invesco and $329.98 for S&P
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Coupon barrier levels: | $193.473 for Invesco and $230.986 for S&P, 70% of initial levels
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Final barrier levels: | $193.473 for Invesco and $230.986 for S&P, 70% of initial levels
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Pricing date: | Oct. 29
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Settlement date: | Nov. 3
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Underwriter: | Citigroup Global Markets Inc.
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Fees: | 1%
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Cusip: | 17324X6S4
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