By William Gullotti
Buffalo, N.Y., June 16 – Citigroup Global Markets Holdings Inc. priced $2.27 million of callable contingent coupon equity-linked securities due June 14, 2022 linked to the worst performing of the Energy Select Sector SPDR fund and the Invesco QQQ Trust, Series 1, 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 16.1% if each asset closes at or above its coupon barrier level, 80% 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.
If the notes are not redeemed early, the payout will be par plus the final coupon unless any asset finishes below 80% 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
|
| Underlying funds: | Energy Select Sector SPDR fund, Invesco QQQ Trust, Series 1
|
| Amount: | $2,274,000
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| Maturity: | June 14, 2022
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| Contingent coupon: | 16.1% per year, payable quarterly if each fund closes at or above coupon barrier on related observation date
|
| 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, payable in shares or cash at the issuer’s option
|
| Call option: | In whole at par plus any coupon due on any quarterly valuation date
|
| Initial levels: | $55.64 for Energy, $336.84 for QQQ
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| Coupon barriers: | $44.512 for Energy, $269.472 for QQQ; 80% of initial levels
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| Barrier levels: | $44.512 for Energy, $269.472 for QQQ; 80% of initial levels
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| Equity levels: | 17.97268 for Energy, 2.96877 for QQQ
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| Pricing date: | June 9
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| Settlement date: | June 14
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 1%
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| Cusip: | 17328NSW9
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