By William Gullotti
Buffalo, N.Y., Feb. 7 – Citigroup Global Markets Holdings Inc. priced $271,000 of callable contingent coupon equity-linked securities due April 13, 2023 linked to the worst performing of the iShares Silver Trust and the VanEck Vectors Gold Miners ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The notes pay a contingent quarterly coupon at an annualized rate of 8.5% if each fund closes at or above its coupon barrier level, 70% of its initial level, on the related observation date.
The notes will be callable in whole at par plus any coupon due on any quarterly valuation date.
If the notes are not redeemed early, the payout will be par plus the final coupon unless any fund finishes below 70% of its initial level, in which case investors will lose 1% for every 1% that the least performing asset declines, payable either in shares or cash at the issuer’s option.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Global Markets Holdings Inc.
|
| Guarantor: | Citigroup Inc.
|
| Issue: | Callable contingent coupon equity-linked securities
|
| Underlying funds: | iShares Silver Trust, VanEck Vectors Gold Miners ETF
|
| Amount: | $271,000
|
| Maturity: | April 13, 2023
|
| Contingent coupon: | 8.5% per year, payable quarterly if each fund closes at or above coupon barrier on related observation date
|
| Price: | Par
|
| Payout at maturity: | Par plus coupon unless any fund finishes below final barrier level, in which case investors will lose 1% for every 1% that the least performing asset declines, payable in shares or cash at the issuer’s option
|
| Call option: | In whole at par plus any coupon due on any quarterly valuation date
|
| Initial levels: | $23.62 for Silver, $34.73 for Gold
|
| Coupon barriers: | $16.534 for Silver, $24.311 for Gold; 70% of initial levels
|
| Barrier levels: | $16.534 for Silver, $24.311 for Gold; 70% of initial levels
|
| Equity levels: | 42.337 for Silver, 28.79355 for Gold
|
| Pricing date: | April 8
|
| Settlement date: | April 13
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 1.75%
|
| Cusip: | 17328NQD3
|
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