By William Gullotti
Buffalo, N.Y., Dec. 2 – Citigroup Global Markets Holdings Inc. priced $2.8 million of 0% dual directional barrier securities due June 2, 2025 linked to the SPDR S&P 500 ETF Trust, according to a 424B2 filing with the Securities and Exchange Commission.
If the ETF’s final level is greater than its initial level, the payout at maturity will be par plus the ETF’s return, subject to a maximum payout of par plus 30%.
If the ETF’s final level is less than or equal to its initial level but greater than or equal to its final barrier level, 80% of its initial level, the payout will be par plus the absolute value of the ETF’s return.
Otherwise, investors will receive a number of shares equal to $1,000 divided by the ETF’s initial level or, at the issuer’s option, the cash equivalent.
The notes are guaranteed by Citigroup Inc.
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: | Dual directional barrier securities
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| Underlying fund: | SPDR S&P 500 ETF Trust
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| Amount: | $2,801,000
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| Maturity: | June 2, 2025
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| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | If the ETF’s final level is greater than or equal to initial level, par plus the ETF’s return, subject to 30% cap; if the ETF’s final level is less than initial level but greater than or equal to final barrier level, par plus absolute value of the ETF’s return; otherwise, receive 2.13589 shares per security or the cash equivalent at the issuer’s option
|
| Initial level: | $468.19
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| Final barrier level: | $374.552; 80% of initial ETF level
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| Pricing date: | Nov. 23
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| Settlement date: | Dec. 1
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 2.25%
|
| Cusip: | 17328NH43
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