By Wendy Van Sickle
Columbus, Ohio, Oct. 7 – Citigroup Global Markets Holdings Inc. priced $1.96 million of callable contingent coupon equity-linked securities due July 29, 2024 linked to the worst performing of the iShares Russell 2000 ETF, 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 pay a contingent quarterly coupon at an annualized rate of 6.5% if each asset closes at or above its coupon barrier level, 70% 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 valuation date.
If the notes are not redeemed, the payout will be par unless any asset finishes below 65% of its initial level, in which case investors will be fully exposed to the loss of the least performing asset, payable in shares or, at the issuer’s option, cash.
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 assets: | iShares Russell 2000 ETF, Invesco QQQ trust, series 1 and SPDR S&P 500 ETF Trust
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| Amount: | $1.96 million
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| Maturity: | July 29, 2024
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| Contingent coupon: | 6.5% per year, payable quarterly if each asset 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: | Par unless any asset finishes below 65% of its initial level, in which case investors will be fully exposed to the loss of the least performing asset, payable in cash or shares of that asset
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| Call option: | In whole at par plus any coupon due on any quarterly valuation date
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| Initial levels: | $424.97 for SPDR S&P, $211.73 for iShares Russell 2000, $354.67 for QQQ
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| Coupon barriers: | $297.479 for SPDR S&P, $148.211 for iShares Russell 2000, $248.269 for QQQ; 70% of initial levels
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| Final barriers: | $276.231 for SPDR S&P, $137.625 for iShares Russell 2000, $230.536 for QQQ; 65% of initial levels
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| Pricing date: | July 20
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| Settlement date: | July 27
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 1.75%
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| Cusip: | 17328NXC7
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