By Wendy Van Sickle
Columbus, Ohio, May 6 – Citigroup Global Markets Holdings Inc. priced $1.62 million of callable contingent coupon equity-linked securities due April 29, 2024 linked to the worst performing of the SPDR S&P 500 ETF trust and the iShares Russell 2000 ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The notes pay a contingent semiannual coupon at an annualized rate of 6.25% if each asset closes at or above its coupon barrier level, 70% of its initial level, on the related observation date.
The notes will be callable in whole at par plus any coupon due on any semiannual valuation date.
If the notes are not redeemed early, the payout will be par plus the final coupon unless any asset finishes below 65% of its initial level, in which case investors will lose 1% for every 1% that the least performing asset declines, payable either in shares or cash at the issuer’s option.
Citigroup Global Markets Inc.is the underwriter.
| Issuer: | Citigroup Global Markets Holdings Inc.
|
| Guarantor: | Citigroup Inc.
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| Issue: | Callable contingent coupon equity-linked securities
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| Underlying funds: | SPDR S&P 500 ETF trust and iShares Russell 2000 ETF
|
| Amount: | $1,615,000
|
| Maturity: | April 29, 2024
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| Contingent coupon: | 6.25% per year, payable semiannually if each fund closes at or above coupon barrier on related observation date
|
| Price: | Par
|
| Payout at maturity: | Par plus coupon unless any asset finishes below final barrier level, in which case investors will lose 1% for every 1% that the least performing asset declines, payable in shares or cash at the issuer’s option
|
| Call option: | In whole at par plus any coupon due on any semiannual valuation date
|
| Initial levels: | $412.17 for S&P, $217.19 for Russell
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| Coupon barriers: | $288.519 for S&P, $152.033 for Russell; 70% of initial levels
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| Barrier levels: | $267.911 for S&P, $141.174 for Russell; 65% of initial levels
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| Equity levels: | 2.42618 for S&P, 4.60426 for Russell
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| Pricing date: | April 21
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| Settlement date: | April 28
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 1.15%
|
| Cusip: | 17328NQB7
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