By William Gullotti
Buffalo, N.Y., June 14 – Citigroup Global Markets Holdings Inc. priced $1 million of callable contingent coupon equity-linked securities due May 23, 2024 linked to the worst performing of the SPDR S&P 500 ETF Trust, the iShares MSCI Emerging Markets ETF and the VanEck Vectors Gold Miners ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The notes pay a contingent quarterly coupon at an annualized rate of 11% if each asset closes at or above its coupon barrier level, 65% of its initial level, on the related observation date.
The notes will be callable in whole at par plus any coupon due on any quarterly valuation date after six months.
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.
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 funds: | iShares MSCI Emerging Markets ETF, VanEck Vectors Gold Miners ETF, SPDR S&P 500 ETF Trust
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| Amount: | $1 million
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| Maturity: | May 23, 2024
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| Contingent coupon: | 11% per year, payable quarterly if each fund closes at or above coupon barrier on related observation date
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| Price: | Par
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| 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
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| Call option: | In whole at par plus any coupon due on any quarterly valuation date after six months
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| Initial levels: | $53.45 for iShares, $39.04 for VanEck, $410.86 for SPDR
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| Coupon barriers: | $34.743 for iShares, $25.376 for VanEck, $267.059 for SPDR; 65% of initial levels
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| Barrier levels: | $34.743 for iShares, $25.376 for VanEck, $267.059 for SPDR; 65% of initial levels
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| Pricing date: | May 20
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| Settlement date: | May 25
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 0.85%
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| Cusip: | 17329FLT9
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