By Kiku Steinfeld
Chicago, Feb. 22 – Citigroup Global Markets Holdings Inc. priced $730,000 of autocallable contingent coupon equity linked securities due Feb. 13, 2023 linked to the worst performing of the common stocks of Bank of America Corp. and JPMorgan Chase & Co., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon of 8% per annum if each stock closes at or above its 65% coupon barrier level on the determination date for that quarter.
The notes will be automatically called at if each stock closes at or above its initial level on any quarterly autocall date.
If the notes are not called, the payout at maturity will be par unless any stock finishes below its 65% final barrier level, in which case investors will receive a fixed number of shares of the least performing stock equal to $1,000 divided by the initial share price or, at the issuer’s option, the cash equivalent.
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: | Bank of America Corp. and JPMorgan Chase & Co.
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| Amount: | $730,000
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| Maturity: | Feb. 13, 2023
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| Contingent coupon: | 8% per year payable quarterly if each stock closes at or above coupon barrier level on the determination date for that quarter
|
| Price: | Par
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| Payout at maturity: | Par unless any stock finishes below final barrier level, in which case a fixed number of shares of worst performer equal to its equity ratio or cash value
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| Call: | Par if each stock closes at or above initial share price on any quarterly autocall date
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| Initial share prices: | $135.14 for JPMorgan and $31.58 for BofA
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| Coupon barrier levels: | $87.841 for JPMorgan and $20.527 for BofA; 65% of initial levels
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| Final barrier levels: | $87.841 for JPMorgan and $20.527 for BofA; 65% of initial levels
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| Equity ratios: | 7.39973 for JPMorgan and 13, 2023 for BofA
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| Pricing date: | Feb. 4
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| Settlement date: | Feb. 11
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 2%
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| Cusip: | 17328NCD8
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