By Kiku Steinfeld
Chicago, Dec. 8 – Citigroup Global Markets Holdings Inc. priced $720,000 phoenix autocallable securities due Sept. 8, 2022 linked to Lyft, Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
If the stock closes at or above the coupon barrier level, 80% of the initial level, on a quarterly observation date, the notes will pay a contingent coupon for that quarter at an annualized rate of 16.4%, plus any previously unpaid contingent coupons.
The notes will be called at par plus any previously unpaid contingent coupons if the shares close at or above the initial share price on any quarterly observation date.
The payout at maturity will be par plus the final coupon and any previously unpaid coupons unless the stock finishes below the 80% final buffer level, in which case investors will lose 1.25% for each 1% decline of the stock beyond 20%.
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: | Phoenix autocallable securities
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| Underlying stock: | Lyft, Inc.
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| Amount: | $720,000
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| Maturity: | Sept. 8, 2022
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| Coupon: | 16.4% annualized, plus any previously unpaid coupons, if index closes at or above coupon barrier level on quarterly observation date
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| Price: | Par
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| Payout at maturity: | Par plus contingent coupon and previously unpaid coupons if index finishes at or above buffer level; otherwise, 1.25% loss for each 1% decline beyond 20%
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| Call: | At par plus final contingent coupon and any previously unpaid coupons if index closes at or above initial level on a quarterly observation date
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| Initial share price: | $45.89
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| Coupon barrier/buffer price: | $36.712, 80% of initial price
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| Pricing date: | Aug. 20
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| Settlement date: | Aug. 25
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 1%
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| Cusip: | 17329QAL4
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