By William Gullotti
Buffalo, N.Y., June 29 – Citigroup Global Markets Holdings Inc. priced $3.56 million autocallable equity-linked securities due Sept. 28, 2022 tied to the worst performing of the Invesco QQQ Trust, Series 1 and the SPDR S&P 500 ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
Interest is payable quarterly.
The notes may be called quarterly at par plus coupon after six months if both ETFs finish above their initial levels on a related potential redemption date.
If the securities have not been called, the payout at maturity will be par unless either ETF closes below its trigger value during the life of the notes and either ETF finishes below its initial level, in which case investors will lose 1% for every 1% that the lesser-performing ETF finishes below its initial level, paid in shares of the laggard ETF.
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 equity-linked securities
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Underlying funds: | Invesco QQQ Trust, Series 1, SPDR S&P 500 ETF
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Amount: | $3,562,000
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Maturity: | Sept. 28, 2022
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Coupon: | 6.2%, payable quarterly
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Price: | Par
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Call: | Callable quarterly at par plus coupon after six months if both ETFs finish above initial levels on related redemption date
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Payout at maturity: | Par unless either ETF closes below its trigger value during the life of the notes and either ETF finishes below its initial level, in which case investors will lose 1% for every 1% that the lesser-performing ETF finishes below its initial level, paid in shares
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Initial ETF levels: | $347.74 for QQQ, $422.60 for SPDR
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Trigger levels: | $260.805 for QQQ, $316.950 for SPDR; 75% of initial levels
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Equity levels: | 2.87571 for QQQ, 2.3663 for SPDR; values are per security
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Pricing date: | June 23
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Settlement date: | June 28
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Underwriter: | Citigroup Global Markets Inc.
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Fees: | 2.25%
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Cusip: | 17328NSC3
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