By Wendy Van Sickle
Columbus, Ohio, July 30 – Citigroup Global Markets Holdings Inc. priced $1.13 million of autocallable contingent coupon equity-linked securities due June 8, 2023 linked to the worst performing of the Invesco QQQ Trust, Series 1 and the SPDR S&P 500 ETF Trust, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The notes will pay a contingent quarterly coupon at an annual rate of 6.82% if each ETF closes at or above the coupon barrier level, 80% of the initial level, on the valuation date for that period.
The notes will be automatically called at par plus the coupon if each ETF closes at or above its initial level, on any quarterly valuation date.
If the notes have not been called, the payout at maturity will be par unless either ETF closes below its 80% barrier value during the life of the notes and either ETF finishes below its initial level, 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.
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Guarantor: | Citigroup Inc.
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Issue: | Autocallable contingent coupon equity-linked securities
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Underlying funds: | SPDR S&P 500 ETF Trust, Invesco QQQ Trust, Series 1
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Amount: | $1,125,000
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Maturity: | June 8, 2023
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Coupon: | 6.82% annualized rate, payable quarterly if each ETF closes at or above coupon barrier level, on valuation date for that period
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Price: | Par
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Payout at maturity: | Par unless either ETF closes below its 80% barrier value during the life of the notes and either ETF finishes below its initial level, 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
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Call: | Automatically at par plus coupon if each ETF closes at or above initial level on any quarterly valuation date
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Initial levels: | $418.77 for SPDR, $330.00 for QQQ
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Coupon barrier levels: | $335.016 for SPDR, $264.00 for QQQ; 80% of initial levels
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Final barrier levels: | $335.016 for SPDR, $264.00 for QQQ; 80% of initial levels
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Equity ratios: | 2.38795 for SPDR, 3.0303 for QQQ; shares per security
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Pricing date: | June 3
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Settlement date: | June 8
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Underwriter: | Citigroup Global Markets Inc.
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Fees: | 1.25%
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Cusip: | 17328NUK2
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