By Taylor Fox
New York, Sept. 14 – Citigroup Global Markets Holdings Inc. priced $1.23 million of autocallable contingent coupon equity-linked securities due Sept. 12, 2023 linked to the stocks of Amazon.com. Inc., Apple Inc. and Microsoft Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The notes will pay a contingent semiannual coupon at an annual rate of 10.5% if each stock closes at or above the barrier price, 55% of the initial price, on the determination date for that period.
The notes will be automatically called at par plus the contingent coupon if each stock closes at or above 90% of its initial share price on any semiannual call observation date.
If the notes are not called and each stock finishes at or above its barrier price, 55% of its initial level, the payout at maturity will be par plus the contingent coupon.
If the notes are not called and the worst performing stock finishes below 55% of its initial level, investors will receive a fixed number of underlying shares of the worst performing underlying or the cash value of those shares, thereby fully participating in the losses of the worst performing stock.
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: | Autocallable contingent coupon equity-linked securities
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| Underlying stocks: | Amazon.com, Inc., Apple Inc. and Microsoft Corp.
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| Amount: | $1,234,000
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| Maturity: | Sept. 12, 2023
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| Coupon: | 10.5% annualized rate if each stock closes at or above the barrier price, 55% of the initial price, on the semiannual determination date for that period
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| Price: | Par
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| Payout at maturity: | Par plus contingent coupon if each stock closes at or above 55% of initial level; otherwise a number of shares equal to the principal amount divided by the initial underlying value of the worst performing stock or the cash value of those shares
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| Call: | Automatically at par plus contingent coupon if each stock closes at or above 90% of its initial level on any semiannual call observation date
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| Initial share prices: | $3,531.45 for Amazon, $131.40 for Apple and $231.65 for Microsoft
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| Call levels: | $3,178.305 for Amazon, $118.26 for Apple and $208.485 for Microsoft; 90% of initial levels
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| Coupon barrier prices: | $1,942.298 for Amazon, $72.270 for Apple and $127.408 for Microsoft; 55% of initial levels
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| Final barrier prices: | $1,942.298 for Amazon, $72.270 for Apple and $127.408 for Microsoft; 55% of initial levels
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| Equity ratios: | 0.28317 for Amazon, 7.61035 for Apple and 4.31686 for Microsoft
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| Pricing date: | Sept. 2
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| Settlement date: | Sept. 10
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 2.5%
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| Cusip: | 17324XY46
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