By William Gullotti
Buffalo, N.Y., July 27 – Citigroup Global Markets Holdings Inc. priced $2.22 million of contingent income autocallable securities due May 31, 2024 linked to CVS Health Corp. stock, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 6.75% if the stock closes at or above the 80% downside threshold on the determination date for that month.
The notes will be called at par plus the contingent coupon if the stock closes at or above its initial level on any quarterly determination date after six months.
The payout at maturity will be par unless the stock finishes below its 80% downside threshold, in which case investors will lose 1% for each 1% decline from initial level.
The notes are guaranteed by Citigroup Inc.
Citigroup Global Markets Inc. is the underwriter. Morgan Stanley Wealth Management is a selected dealer.
| Issuer: | Citigroup Global Markets Holdings Inc.
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| Guarantor: | Citigroup Inc.
|
| Issue: | Contingent income autocallable securities
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| Underlying stock: | CVS Health Corp.
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| Amount: | $2,219,000
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| Maturity: | May 31, 2024
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| Coupon: | 6.75% annualized, payable each month if stock closes at or above downside threshold level on determination date for that month
|
| Price: | Par of $10
|
| Payout at maturity: | If stock finishes above downside threshold, par; otherwise, full exposure to decline
|
| Call: | At par plus contingent coupon if stock closes at or above initial level on any quarterly determination date after six months
|
| Initial share price: | $86.44
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| Downside threshold: | $69.152; 80% of initial level
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| Pricing date: | May 28
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| Settlement date: | June 3
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| Underwriter: | Citigroup Global Markets Inc. with Morgan Stanley Wealth Management as dealer
|
| Fees: | 0.25%
|
| Cusip: | 17329D562
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