By Wendy Van Sickle
Columbus, Ohio, Aug. 4 – Citigroup Global Markets Holdings Inc. priced $10 million of contingent income autocallable securities due Aug. 3, 2022 linked to the performance of the Invesco QQQ Trust, Series 1, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 8.4% if the fund closes at or above the 90% downside threshold on the determination date for that month. Any previously unpaid coupons will also be paid.
The notes will be called at par plus the contingent coupon if the fund closes at or above its initial level on any determination date.
The payout at maturity will be par plus the final coupon unless the fund finishes below its 90% downside threshold, in which case investors will receive 3.03185 shares or, at the issuer’s option, the cash value of those shares.
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.
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| Issue: | Contingent income autocallable securities
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| Underlying fund: | Invesco QQQ Trust, Series 1
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| Amount: | $10 million
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| Maturity: | Aug. 3, 2022
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| Coupon: | 8.4% annualized, payable each month if fund closes at or above downside threshold level on determination date for that month; any previously unpaid coupons will also be paid
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| Price: | Par
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| Payout at maturity: | If fund finishes above downside threshold, par plus coupon; otherwise, 3.03185 shares or, at issuer’s option, cash value of those shares
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| Call: | At par plus contingent coupon if fund closes at or above initial level on any determination date
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| Initial share price: | $366.48
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| Downside threshold: | $329.832; 90% of initial level
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| Strike date: | July 29
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| Pricing date: | July 30
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| Settlement date: | Aug. 4
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| Underwriter: | Citigroup Global Markets Inc.
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| Dealer: | Morgan Stanley Wealth Management
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| Fees: | 0.2%
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| Cusip: | 17328NWY0
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