By Wendy Van Sickle
Columbus, Ohio, July 31 – Citigroup Global Markets Holdings Inc. priced $3.93 million of callable contingent coupon equity-linked securities due July 28, 2022 linked to the worst performing of the SPDR S&P Regional Banking ETF, SPDR S&P Bank ETF and Financial Select Sector SPDR fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The notes pay a contingent quarter coupon at an annualized rate of 12% if each asset closes at or above its coupon barrier level, 55% of its initial level, on the valuation date for that period.
The notes will be callable in whole at par plus any coupon due on any quarterly valuation date after six months.
If the notes are not redeemed, the payout will be par plus any final coupon unless any fund finishes below 55% of its initial level, in which case investors will be fully exposed to the loss of the least performing fund.
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: | Callable contingent coupon equity-linked securities
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Underlying assets: | SPDR S&P Regional Banking ETF, SPDR S&P Bank ETF and Financial Select Sector SPDR fund
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Amount: | $3,925,000
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Maturity: | July 28, 2022
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Contingent coupon: | 12% per year, payable quarterly if each asset closes at or above coupon barrier on the valuation date for that period
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Price: | Par
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Payout at maturity: | Par plus any coupon unless any fund finishes below 55% of its initial level, in which case investors will be fully exposed to the loss of the least performing fund
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Call option: | In whole at par plus any coupon due on any quarterly valuation date after six months
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Initial level: | $24.27 for Financial, $31.61 for Bank, $38.47 for Regional Banking
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Coupon barriers: | $13.349 for Financial, $17.386 for Bank, $21.159 for Regional Banking; 55% of initial levels
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Final barriers: | $13.349 for Financial, $17.386 for Bank, $21.159 for Regional Banking; 55% of initial levels
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Pricing date: | July 24
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Settlement date: | July 29
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Underwriter: | Citigroup Global Markets Inc.
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Fees: | 1%
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Cusip: | 17324XT42
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