By Kiku Steinfeld
Chicago, Aug. 17 – Citigroup Global Markets Holdings Inc. priced $1.24 million of barrier securities with upside reset feature due Aug. 4, 2025 linked to the SPDR S&P 500 ETF trust, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
A reset event will occur if on any scheduled trading day during the observation period, from the pricing date to and including July 30, 2021, the closing value of the underlying is less than the reset barrier value, which is 90% of the initial level.
The upside barrier value will be the initial underlying value if a reset event has not occurred. If a reset event has occurred, the upside barrier value will be equal to the reset barrier value, 90% of the initial level.
If the final underlying value is greater than the upside barrier value, the payout will be par plus the return amount, which is par multiplied by the underlying upside return. The underlying upside return is (i) the final underlying value minus the upside barrier value, divided by (ii) the initial underlying value.
If the final underlying value is less than or equal to the upside barrier value but greater than or equal to the downside barrier value, which is 80% of the initial level, the payout will be par.
If the final underlying value is less than the downside barrier value, investors will be exposed to any losses of the ETF.
Citigroup Global Markets Inc. is the agent.
| Issuer: | Citigroup Global Markets Holdings Inc.
|
| Issue: | Barrier securities with upside reset feature
|
| Underlier: | SPDR S&P 500 ETF trust
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| Amount: | $1,242,000
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| Maturity: | Aug. 4, 2025
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| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | If the final underlying value is greater than the upside barrier value, par plus the return amount, which is par multiplied by the underlying upside return; if the final underlying value is less than or equal to the upside barrier value but greater than or equal to the downside barrier value, par; if the final underlying value is less than the downside barrier value, exposure to exposure any losses of the ETF
|
| Underlying upside return: Final underlying value minus upside barrier value, divided by initial underlying value
|
| Reset event: | Occurs if on any scheduled trading day during the observation period, from the pricing date to and including July 30, 2021, the closing value of the underlying is less than the reset barrier value, which is 90% of the initial level
|
| Upside barrier value: | Initial underlying value if a reset event has not occurred; if a reset event has occurred, 90% of the initial level
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| Initial level: | $323.96
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| Reset barrier value: | $291.564, 90% of initial level
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| Downside barrier value: | 291.564, 80% of initial level
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| Pricing date: | July 30
|
| Settlement date: | Aug. 4
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| Agent: | Citigroup Global Markets Inc.
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| Fees: | 2.5%
|
| Cusip: | 17324XU99
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