By Wendy Van Sickle
Columbus, Ohio, May 14 – Citigroup Global Markets Holdings Inc. priced $325,000 of barrier securities with upside reset feature due May 17, 2023 linked to the shares of Amazon.com, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The upside barrier value will be the initial value of the stock unless a reset event has occurred, in which case the upside barrier value will be 85% of the initial stock value. A reset event will occur if on any trading day until May 12, 2021, the stock closes below 85% of its initial value.
If the final value of the stock is greater than the upside barrier value, the payout at maturity will be par plus the return of the stock, capped at 50%.
If the final value of the stock is less than or equal to the upside barrier value but greater than or equal to the downside barrier value, 80% of the initial stock value, investors will receive par.
If the final value of the stock is less than the downside barrier value, investors will receive 2.12139 shares or the cash value of those shares at the issuer’s option.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Global Markets Holdings Inc.
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| Issue: | Barrier securities with upside reset feature
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| Underlying stock: | Amazon.com, Inc.
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| Amount: | $325,000
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| Maturity: | May 17, 2023
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If final stock value is greater than upside barrier, par plus return, capped at 50%; if final value is less than or equal to upside barrier but greater than or equal to downside barrier, par; otherwise, 2.12139 shares or cash value
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| Reset event: | Occurs if on any scheduled trading day until May 12, 2021, underlier closes below 85% of its initial underlying value
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| Upside barrier value: | Initial level of stock if a reset event has not occurred; if a reset event has occurred, 85% of the initial level
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| Initial level: | $2,356.95
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| Barrier level: | $1,885.56, 80% of initial level
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| Reset barrier value: | $2,003.408, 85% of initial level
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| Pricing date: | May 12
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| Settlement date: | May 15
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 2%
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| Cusip: | 17324XG20
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