By Taylor Fox
New York, Feb. 16 – Citigroup Global Markets Holdings Inc. priced $2.5 million of autocallable contingent coupon equity-linked securities due Jan. 14, 2022 linked to the iShares Silver Trust and the SPDR Gold Trust, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The notes will pay a quarterly coupon at an annual rate of 12% per year if the ETFs both finish at or above their coupon barrier prices, 73% of their initial prices, on their quarterly valuation date. Previously unpaid coupons will also be paid.
The notes will be called at par plus any coupon due if both ETFs close at or above their initial prices on any quarterly valuation date.
If the ETFs both finish at or above their final barrier prices, 73% of their initial prices, the payout at maturity will be par plus the contingent coupon(s).
Otherwise, investors will lose 1% for each 1% decline of the lesser-performing ETF from its initial price, payable either in shares or cash at the issuer’s option.
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 ETFs: | iShares Silver Trust and SPDR Gold Trust
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| Amount: | $2.5 million
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| Maturity: | Jan. 14, 2022
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| Coupon: | 12% per year, payable quarterly if the lesser-performing ETF finishes at or above the 73% coupon barrier price; previously unpaid coupons will also be paid
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| Price: | Par
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| Payout at maturity: | If the lesser-performing ETF finishes at or above final barrier price, par plus the coupon; otherwise, 1% loss for each 1% decline of the lesser-performing ETF from its initial price, payable either in shares or cash at the issuer’s option
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| Call: | At par plus any coupon due if both ETFs close at or above their initial prices on any quarterly valuation date
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| Initial prices: | $23.21 for Silver and $173 for Gold
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| Coupon/final barrier levels: | $16.943 for Silver and $126.29 for Gold, 73% of initial prices
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| Pricing date: | Jan. 11
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| Settlement date: | Jan. 14
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 1%
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| Cusip: | 17328NDK1
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