By Wendy Van Sickle
Columbus, Ohio, March 17 – Citigroup Global Markets Holdings Inc. priced $17.9 million of trigger callable contingent yield notes due Sept. 18, 2024 linked to the least performing of the iShares MSCI EAFE ETF, the iShares Russell 2000 ETF and the SPDR S&P 500 ETF trust, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a contingent coupon at a rate of 16% per year if each ETF closes at or above its coupon barrier, 70% of its initial level, on every day that quarter.
The notes are callable at par of $10 plus any coupon due on any quarterly coupon payment date.
If the notes are not called and each ETF finishes at or above its downside threshold, 60% of its initial level, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% that the least-performing ETF’s final level is below its initial level.
The notes are guaranteed by Citigroup Inc.
Citigroup Global Markets Inc. is the underwriter, and UBS Financial Services Inc. is the selling agent.
| Issuer: | Citigroup Global Markets Holdings Inc.
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| Guarantor: | Citigroup Inc.
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| Issue: | Trigger callable contingent yield notes
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| Underlying ETFs: | iShares MSCI EAFE ETF, iShares Russell 2000 ETF and SPDR S&P 500 ETF trust
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| Amount: | $17.9 million
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| Maturity: | Sept. 18, 2024
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| Coupon: | 16% per year, payable quarterly if each ETF closes at or above its coupon barrier on every day that quarter
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| Price: | Par of $10
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| Payout at maturity: | If each ETF finishes at or above downside threshold, par; otherwise, 1% loss for every 1% that least-performing ETF’s final level is below initial level
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| Call option: | At par plus any coupon due on any quarterly coupon payment date
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| Initial levels: | $274.36 for S&P, $125.88 for Russell 2000 and $56.05 for EAFE
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| Coupon barriers: | $192.05 for S&P, $88.12 for Russell 2000 and $39.24 for EAFE, or 70% of initial levels
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| Downside thresholds: | $164.62 for S&P, $75.53 for Russell 2000 and $33.63 for EAFE, or 60% of initial levels
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| Pricing date: | March 13
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| Settlement date: | March 18
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| Underwriter: | Citigroup Global Markets Inc.
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| Selling agent: | UBS Financial Services Inc.
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| Fees: | 2%
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| Cusip: | 17327U608
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