By Kiku Steinfeld
Chicago, Nov. 5 – Citigroup Global Markets Holdings Inc. priced $2.22 million of market-linked securities due Oct. 11, 2024 – autocallable with contingent coupon and contingent downside linked to the least performing of the ARK Innovation ETF, 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 9.5% if the ETF closes at or above its 70% coupon threshold on the observation date for that quarter.
The notes will be called at par if the ETF closes at or above its initial level on any quarterly observation date after six months.
The payout at maturity will be par unless the ETF finishes below its 65% downside threshold, in which case the payout will be par plus the return of ETF with full exposure to any losses.
Citigroup Global Markets Inc. is the lead agent and Wells Fargo Securities, LLC is the agent.
| Issuer: | Citigroup Global Markets Holdings Inc.
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| Guarantor: | Citigroup Inc.
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| Issue: | Market linked securities – autocallable with contingent coupon and contingent downside
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| Underlying ETF: | ARK Innovation ETF
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| Amount: | $2.22 million
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| Maturity: | Oct. 11, 2024
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| Coupon: | 9.5% annualized, payable quarterly if the ETF closes at or above its coupon threshold on observation date for that quarter
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| Price: | Par
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| Payout at maturity: | Par unless ETF falls by more than its downside threshold, in which case 1% loss per 1% decline of worst performing index
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| Call: | At par if ETF closes at or above its initial level on any interest payment date beginning in October
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| Initial level: | $110.60
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| Coupon threshold: | $77.42, 70% of initial level
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| Downside threshold: | $71.89, 65% of initial level
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| Pricing date: | Oct. 8
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| Settlement date: | Oct. 13
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| Agents: | Citigroup Global Markets Inc. as lead agent and Wells Fargo Securities, LLC as agent
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| Fees: | 2.225%
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| Cusip: | 17329QXK1
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