By William Gullotti
Buffalo, N.Y., Nov. 9 – Citigroup Global Markets Holdings Inc. priced $1.17 million of autocallable contingent coupon commodity-linked securities due Nov. 11, 2022 linked to West Texas Intermediate light sweet crude oil futures contracts, 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 annualized rate of 11% if the commodity closes at or above the coupon barrier value, 60% of the initial value, on the observation date for that period. Previously unpaid coupons, if any, will be automatically included whenever a contingent coupon is paid.
The notes will be automatically called at par plus the contingent coupon if the commodity closes at or above the initial value on any quarterly observation date.
If the notes are not called and the final value is greater than or equal to the 60% final barrier level, the payout at maturity will be par plus the final coupon. Otherwise, investors will be fully exposed to the decline of the commodity value from its initial level.
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 commodity-linked securities
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| Underlying commodity: | West Texas Intermediate light sweet crude oil futures contracts
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| Amount: | $1,165,000
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| Maturity: | Nov. 11, 2022
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| Coupon: | 11% annually, payable quarterly if commodity closes at or above coupon barrier value on observation date for that period; coupon payment events will automatically include any previously unpaid coupons
|
| Price: | Par
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| Payout at maturity: | If notes are not called and final value is greater than or equal to final barrier level, par plus final coupon; otherwise, full exposure to decline in the commodity from initial value
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| Call: | Automatically at par plus contingent coupon if commodity closes at or above initial value on any quarterly observation date
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| Initial value: | $83.91
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| Coupon barrier: | $50.346; 60% of initial value
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| Final barrier: | $50.346; 60% of initial value
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| Strike date: | Nov. 2
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| Pricing date: | Nov. 3
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| Settlement date: | Nov. 10
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 1.2%
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| Cusip: | 17329UGA3
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