By Wendy Van Sickle
Columbus, Ohio, Nov. 4 – Citigroup Global Markets Holdings Inc. priced $10.66 million of autocallable contingent coupon equity-linked securities due May 3, 2023 linked to the least performing of the stocks of JPMorgan Chase & Co. and Apple Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The notes will pay a contingent quarterly coupon at an annual rate of 9.25% if each stock closes at or above its coupon barrier price, 75% of its initial share price, on the valuation date for that period, plus any unpaid coupon.
The notes will be automatically called at par plus the coupon if each stock closes at or above its initial share price on any quarterly valuation date.
If the notes are not called and each stock finishes at or above its final barrier price, 75% of its initial share price, the payout at maturity will be par plus the final coupon. Otherwise, investors will be fully exposed to the decline of the worst performer from its initial share price, payable in shares of that stock.
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: | Autocallable contingent coupon equity-linked securities
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| Underlying stocks: | JPMorgan Chase & Co., Apple Inc.
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| Amount: | $10,656,000
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| Maturity: | May 3, 2023
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| Coupon: | 9.25% annualized rate, payable quarterly if each stock closes at or above coupon barrier price on valuation date for that period, plus any unpaid coupon
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| Price: | Par
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| Payout at maturity: | Par plus final coupon if each stock finishes at or above final barrier price; otherwise, investors will lose 1% for every 1% decline of the worst performer from its initial share price, payable in shares of that stock
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| Call: | Automatically at par plus coupon if each stock closes at or above initial level on any quarterly valuation date
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| Initial share prices: | $170.36 for JPMorgan, $152.57 for Apple
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| Coupon barrier prices: | $127.77 for JPMorgan, $114.428 for Apple; 75% of initial share prices
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| Final barrier prices: | $127.77 for JPMorgan, $114.428 for Apple; 75% of initial share prices
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| Conversion ratios: | 5.86992 for JPMorgan, 6.55437 for Apple
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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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| Fees: | 1.25%
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| Cusip: | 17328NJ41
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