By Kiku Steinfeld
Chicago, Nov. 2 – Citigroup Global Markets Holdings Inc. priced $700,000 of autocallable contingent coupon equity-linked securities due Aug. 3, 2023 linked to the least performing of the VanEck Vectors Gold Miners ETF and the VanEck Vectors Junior Gold Miners ETF, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a contingent coupon at the rate of 7% per year if the least-performing ETF closes at or above its coupon barrier value, 70% of its initial share price, on the valuation date for that quarter, plus any previously unpaid coupon.
The notes will be automatically called at par if the least-performing ETF closes at or above its initial price on any quarterly valuation date.
The payout at maturity will be par unless the least-performing ETF finishes below its final barrier value, 70% of its initial share price, in which case investors will be fully exposed to the decline of the lesser-performing ETF, payable in shares or cash at the option of the issuer.
The notes are guaranteed by Citigroup Inc.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Global Markets Holdings Inc.
|
| Guarantor: | Citigroup Inc.
|
| Issue: | Autocallable contingent coupon equity-linked securities
|
| Underlying ETFs: | VanEck Vectors Gold Miners ETF and VanEck Vectors Junior Gold Miners ETF
|
| Amount: | $700,000
|
| Maturity: | Aug. 3, 2023
|
| Coupon: | 7% per year, payable quarterly if least-performing ETF closes at or above coupon barrier value on valuation date for that quarter, plus any previously unpaid coupon
|
| Price: | Par
|
| Payout at maturity: | Par unless least-performing ETF finishes below final barrier value, in which full exposure to decline of lesser-performing ETF, payable in shares or cash at option of issuer
|
| Call: | Automatically at par if the least-performing ETF closes at or above its initial price on any quarterly valuation date
|
| Initial share prices: | $33.68 for Gold Miners, $44.01 for Junior Gold Miners
|
| Coupon barriers: | $23.576 for Gold Miners, $30.807 for Junior Gold Miners, or 70% of initial share prices
|
| Barrier values: | $23.576 for Gold Miners, $30.807 for Junior Gold Miners, or 70% of initial share prices
|
| Equity ratios: | 29.69121 for Gold Miners, 22.72211 for Junior Gold Miners
|
| Pricing date: | July 27
|
| Settlement date: | Aug. 3
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 1.75%
|
| Cusip: | 17328NWT1
|
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