By William Gullotti
Buffalo, N.Y., Nov. 4 – Citigroup Global Markets Holdings Inc. priced $5 million of contingent income callable securities due Nov. 2, 2023 linked to the worst performing of the Financial Select Sector SPDR Fund, the Energy Select Sector SPDR Fund and the SPDR S&P Biotech ETF, 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 annual rate of 13% if each ETF closes at or above its coupon barrier level, 70% of its initial ETF level, on every trading day during the observation period.
The notes are callable at par on any contingent coupon payment date.
If the notes have not been called, the payout at maturity will be par unless any ETF finishes below its 70% downside threshold level. Otherwise, investors will lose 1% for every 1% decline of the lesser performing ETF.
Citigroup Global Markets Inc. is the underwriter with Morgan Stanley Wealth Management as a selected dealer.
Issuer: | Citigroup Global Markets Holdings Inc.
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Guarantor: | Citigroup Inc.
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Issue: | Contingent income callable securities
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Underlying funds: | Financial Select Sector SPDR Fund, SPDR S&P Biotech ETF, Energy Select Sector SPDR Fund
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Amount: | $5 million
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Maturity: | Nov. 2, 2023
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Coupon: | 13% per year, payable quarterly if each ETF closes at or above coupon barrier on every trading day during the observation period
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Price: | Par of $10
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Payout at maturity: | Par unless any ETF finishes below its downside threshold level; otherwise, investors will lose 1% for every 1% decline of the lesser performing ETF from its initial level
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Call option: | At par plus any coupon due on any quarterly review date
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Initial levels: | $40.42 for Financial, $57.85 for Energy, $126.17 for Biotech
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Coupon barriers: | $28.294 for Financial, $40.495 for Energy, $88.319 for Biotech; 70% of initial levels
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Downside thresholds: | $28.294 for Financial, $40.495 for Energy, $88.319 for Biotech; 70% of initial levels
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Pricing date: | Oct. 28
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Settlement date: | Nov. 2
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Underwriter: | Citigroup Global Markets Inc.
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Selected dealer: | Morgan Stanley Wealth Management
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Fees: | 2%
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Cusip: | 17329T187
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