By Kiku Steinfeld
Chicago, Sept. 15 – Citigroup Global Markets Holdings Inc. priced $1 milion of autocallable contingent coupon equity-linked securities due Sept. 7, 2021 linked to the lesser performing of the stocks of Target Corp. and Walmart Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a contingent coupon at the rate of 16.3% per year if the lesser-performing stock closes at or above its coupon barrier value, 80% of its initial share price, on the observation date for that quarter, in which case any previously unpaid coupon will also be paid.
The notes will be automatically called at par if the lesser-performing stock closes at or above its initial share price on any quarterly call observation date.
The payout at maturity will be par unless any stock finishes below its 80% barrier value, in which case 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.
The notes are guaranteed by Citigroup Inc.
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: | Target Corp. and Walmart Inc.
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| Amount: | $1 million
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| Maturity: | Sept. 7, 2021
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| Coupon: | 16.3% per year, payable quarterly if lesser-performing stock closes at or above coupon barrier value on valuation date for that quarter, in which case any previously unpaid coupon will also be paid
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| Price: | Par
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| Payout at maturity: | Par unless lesser-performing stock finishes below barrier level; otherwise a number of shares equal to the principal amount divided by initial underlying value of worst performing stock or cash value of those shares
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| Call: | Automatically at par if lesser-performing stock closes at or above initial share price on any quarterly call observation date
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| Initial share prices: | $150.55 for Target, $147.59 for Walmart
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| Coupon barriers: | $120.440 for Target, $118.072 for Walmart, 80% of initial levels
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| Barrier levels: | $120.440 for Target, $118.072 for Walmart, 80% of initial levels
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| Equity ratios: | 6.64231 for Target, 6.77553 for Walmart
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| Pricing date: | Sept. 1
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| Settlement date: | Sept. 4
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 1%
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| Cusip: | 17324XY95
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