By Cady Vishniac
Detroit, Jan. 5 – Citigroup Global Markets Holdings Inc. priced $2.48 million of callable contingent coupon equity-linked securities due Dec. 27, 2022 linked to the least performing of the S&P 500 index, the SPDR S&P Bank exchange-traded fund and the SPDR S&P Regional Banking ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The notes have a quarterly coupon of 11.05%, paid quarterly, if the least-performing asset for that quarter finishes at or above its coupon barrier value, 70% of its initial value.
The notes may be called at par plus any contingent coupon due by the issuer on any quarterly valuation date.
If each asset finishes at or above its final barrier value, 70% of its initial value, payout will be par plus the final coupon.
Otherwise, investors will lose 1% for each 1% decline of the least-performing asset from its initial value.
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: | S&P 500 index, SPDR S&P Bank ETF and SPDR S&P Regional Banking ETF
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Amount: | $2,476,000
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Maturity: | Dec. 27, 2022
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Coupon: | 11.05%, paid quarterly if each asset finishes at or above its coupon barrier value
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Price: | Par
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Payout at maturity: | If each asset finishes at or above final barrier value, par plus the final coupon; otherwise, 1% loss for each 1% decline of the least-performing asset from its initial value
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Call: | At par plus any coupon due on any quarterly valuation date
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Initial values: | 3,694.92 for S&P, $40.86 for SPDR S&P Bank and $50.45 for S&P SPDR Regional Banking
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Coupon/final barrier values: | 2,586.444 for S&P, $28.602 for SPDR S&P Bank and $35.315 for SPDR S&P Regional Banking, 70% of initial values
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Pricing date: | Dec. 21
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Settlement date: | Dec. 24
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Underwriter: | Citigroup Global Markets Inc.
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Fees: | 1.5%
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Cusip: | 17328YF41
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