By William Gullotti
Buffalo, N.Y., Oct. 6 – Citigroup Global Markets Holdings Inc. priced $1.05 million of callable contingent coupon equity-linked securities due July 24, 2024 linked to the performance of the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The notes pay a contingent quarterly coupon at an annualized rate of 4.15% if the index closes at or above its coupon barrier level, 65% of its initial level, on the valuation date for that period.
The notes will be callable in whole at par plus any coupon due on any quarterly call valuation date after one year.
If the notes are not redeemed early and the index finishes at or above its coupon barrier, the payout will be par plus the final coupon.
If the index finishes below the coupon barrier but at or above its 60% final barrier, the payout will be par. Otherwise, investors will lose 1% for every 1% decline of the index from its initial level.
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: | Callable contingent coupon equity-linked securities
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Underlying index: | S&P 500 index
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Amount: | $1,050,000
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Maturity: | July 24, 2024
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Contingent coupon: | 4.15% per year, payable quarterly if the index closes at or above coupon barrier on the valuation date for that period
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Price: | Par
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Payout at maturity: | If the index finishes at or above coupon barrier, par plus final coupon; if the index finishes below coupon barrier but at or above final barrier, par; otherwise, investors will lose 1% for every 1% that the index declines from initial level
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Call option: | In whole at par plus any coupon due on any quarterly call valuation date after one year
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Initial levels: | 4,327.16
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Coupon barrier levels: | 2,812.654; 65% of initial levels
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Barrier levels: | 2,596.296; 60% of initial levels
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Strike date: | July 16
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Pricing date: | July 19
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Settlement date: | July 22
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Underwriter: | Citigroup Global Markets Inc.
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Fees: | 0.3%
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Cusip: | 17329QDY3
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