By William Gullotti
Buffalo, N.Y., July 27 – Citigroup Global Markets Holdings Inc. priced $2.46 million of 0% autocallable securities due July 27, 2022 tied to the SPDR S&P 500 ETF Trust and the Invesco QQQ Trust, Series 1, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be guaranteed by Citigroup Inc.
If each ETF closes at or above its initial level on any quarterly valuation date, the notes will be called at par plus an annual premium of 7%.
If the least performing ETF finishes at or above its barrier level, 80% of the initial level, the payout will be par plus 7%.
Otherwise, investors will receive a number of shares of the worst performer equal to $1,000 divided by that ETF’s initial share price or the cash equivalent at the issuer’s option.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Global Markets Holdings Inc.
|
| Guarantor: | Citigroup Inc.
|
| Issue: | Autocallable securities
|
| Underlying funds: | SPDR S&P 500 ETF Trust, Invesco QQQ Trust, Series 1
|
| Amount: | $2,455,000
|
| Maturity: | July 27, 2022
|
| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | If each ETF finishes at or above its final barrier level, par plus 7%; otherwise, investors will receive a number of shares of the worst performer equal to its equity ratio or the cash equivalent at the issuer’s option
|
| Call: | If each ETF closes at or above its initial level on any quarterly valuation date, the notes will be called at par plus an annual premium of 7%
|
| Initial levels: | $363.95 for QQQ, $435.46 for SPDR
|
| Barrier levels: | $291.16 for QQQ, $348.368 for SPDR; 80% of initial levels
|
| Equity ratios: | 2.74763 for QQQ, 2.29642 for SPDR; share delivery per note
|
| Pricing date: | July 22
|
| Settlement date: | July 27
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 1%
|
| Cusip: | 17328NTU2
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
