By Kiku Steinfeld
Chicago, July 15 – Citigroup Global Markets Holdings Inc. priced $1.21 million of autocallable contingent coupon equity-linked securities due July 13, 2023 linked to the lesser performing of the VanEck Vectors Gold Miners ETF and the VanEck Vectors Junior Gold Miners ETF, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a contingent coupon at the rate of 9.5% per year if the lesser-performing underlier closes at or above its coupon barrier value, 50% of its initial share price, on the valuation date for that quarter, in which case a coupon will also be paid for any previously unpaid quarter.
The notes will be automatically called at par if the lesser-performing underlier closes at or above its initial level on any quarterly observation date.
The payout at maturity will be par unless any underlier finishes below the 50% final barrier value, in which case investors will receive a fixed number of shares of the worst performing underlying equal to its equity ratio or, if the issuer prefers, the cash value of those shares.
The notes are guaranteed by Citigroup Inc.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Global Markets Holdings Inc.
|
| Guarantor: | Citigroup Inc.
|
| Issue: | Autocallable contingent coupon equity-linked securities
|
| Underliers: | VanEck Vectors Gold Miners ETF and VanEck Vectors Junior Gold Miners ETF
|
| Amount: | $1,205,000
|
| Maturity: | July 13, 2023
|
| Coupon: | 9.5% per year, payable quarterly if lesser-performing underlier closes at or above coupon barrier value on valuation date for that quarter, plus any previously unpaid coupons
|
| Price: | Par
|
| Payout at maturity: | Par unless lesser-performing underlier finishes below final barrier level, in which case a fixed number of shares of the worst performing underlying equal to its equity ratio or cash value
|
| Call: | Automatically at par if lesser-performing share price closes at or above initial level on any quarterly observation date
|
| Initial levels: | $38.79 for Gold Miners, $53.31 for Junior Gold Miners
|
| Coupon barriers: | $19.395 for Gold Miners, $26.655 for Junior Gold Miners, 50% of initial levels
|
| Final barrier levels: | $19.395 for Gold Miners, $26.655 for Junior Gold Miners, 50% of initial levels
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| Equity ratios: | 25.77984 for Gold Miners, 18.75821 for Junior Gold Miners
|
| Pricing date: | July 9
|
| Settlement date: | July 14
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 2%
|
| Cusip: | 17324XJ84
|
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