By Taylor Fox
New York, Nov. 2 – Citigroup Global Markets Holdings Inc. priced $2 million of 0% geared buffer securities due March 12, 2025 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The securities are guaranteed by Citigroup Inc.
If the index finishes above 123% of the initial level, the payout at maturity will be $1,285.25 plus – the upper upside return minus 123% – times 1.351%. The maximum return is par plus 62.3%.
If the index returns between 88% of the initial level and 123% of its initial level, the payout will be par plus – the underlying return plus 12% – times 81.5%.
If the return of the index is less than 88% of its initial level, investors will participate in the decline at the rate of 1.136364% for every 1% decline in the index beyond the 12% buffer.
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: | Geared buffer securities
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| Underlying index: | S&P 500 index
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| Amount: | $2 million
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| Maturity: | March 12, 2025
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If the index finishes above 123% of the initial level, the payout at maturity will be $1,285.25 plus – the upper upside return minus 123% – times 1.351% capped at maximum return of par plus 62.3%; if the index returns between 88% of the initial level and 123% of its initial level, the payout will be par plus – the underlying return plus 12% – times 81.5%; if the return of the index is less than 88% of its initial level, investors will participate in the decline at the rate of 1.136364% for every 1% decline in the index beyond the 12% buffer
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| Initial level: | To be determined on the strike date of Dec. 23
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| Pricing date: | Sept. 25
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| Settlement date: | Sept. 28
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 0.5%
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| Cusip: | 17328WTF5
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