By Wendy Van Sickle
Columbus, Ohio, June 7 – Citigroup Global Markets Holdings Inc. priced $11 million of autocallable contingent coupon equity-linked securities due June 2, 2023 linked to the worst performing of the Technology Select Sector SPDR fund, the SPDR S&P Regional Banking ETF and the VanEck Vectors Semiconductor ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The notes will pay a contingent quarterly coupon at an annual rate of 12.5% if each underlying fund closes at or above the coupon barrier level, 75% of the initial level, on the valuation date for that period.
The notes will be automatically called at par plus the coupon if each underlying fund closes at or above its initial level, on any quarterly valuation date.
If the notes have not been called, the payout at maturity will be par unless any fund finishes below its 75% barrier level, in which case investors will be fully exposed to the downside of the worst performer.
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 funds: | Technology Select Sector SPDR fund, SPDR S&P Regional Banking ETF and VanEck Vectors Semiconductor ETF
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Amount: | $11 million
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Maturity: | June 2, 2023
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Coupon: | 12.5% annualized rate, payable quarterly if each underlying closes at or above coupon barrier level, on valuation date for that period
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Price: | Par
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Payout at maturity: | Par unless any fund finishes below barrier level, in which case full exposure to downside of worst performer
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Call: | Automatically at par plus coupon if each underlying closes at or above initial level on any quarterly valuation date
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Initial levels: | $137.91 for Technology, $246.43 for Semiconductor, $70.72 for Regional Banking
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Coupon barrier levels: | $103.433 for Technology, $184.823 for Semiconductor, $53.04 for Regional Banking; 75% of initial levels
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Barrier levels: | $103.433 for Technology, $184.823 for Semiconductor, $53.04 for Regional Banking; 75% of initial levels
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Pricing date: | May 27
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Settlement date: | June 3
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Underwriter: | Citigroup Global Markets Inc.
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Fees: | 1.75%
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Cusip: | 17329FP73
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