By William Gullotti
Buffalo, N.Y., Nov. 1 – Citigroup Global Markets Holdings Inc. priced $3.33 million of 0% autocallable securities due Nov. 4, 2022 tied to the SPDR S&P 500 ETF Trust and the Invesco QQQ Trust, Series 1, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be guaranteed by Citigroup Inc.
If each ETF closes at or above its initial level on any quarterly valuation date, the notes will be called at par plus an annualized call premium of 7.8%.
If each ETF finishes at or above its barrier level, 80% of the initial level, the payout at maturity will be par plus 7.8%.
Otherwise, investors will receive a number of shares of the worst performer equal to $1,000 divided by that ETF’s initial share price or, at the issuer’s option, the cash equivalent.
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 securities
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| Underlying funds: | SPDR S&P 500 ETF Trust, Invesco QQQ Trust, Series 1
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| Amount: | $3.33 million
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| Maturity: | Nov. 4, 2022
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If each ETF finishes at or above its barrier level, par plus 7.8%; otherwise, investors will receive a number of shares equal to the worst performer’s equity ratio or the cash equivalent at the issuer’s option
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| Call: | If each ETF closes at or above its initial level on any quarterly valuation date, the notes will be called at par plus an annualized call premium of 7.8%
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| Initial levels: | $380.00 for QQQ, $453.94 for SPDR
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| Barriers: | $304.00 for QQQ, $363.152 for SPDR; 80% of initial levels
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| Equity ratio: | 2.63158 for QQQ, 2.20293 for SPDR; shares per security
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| Pricing date: | Oct. 27
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| Settlement date: | Nov. 1
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 1%
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| Cusip: | 17328NF29
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