By Kiku Steinfeld
Chicago, Feb. 22 – Citigroup Global Markets Holdings Inc. priced $1.5 million of autocallable contingent coupon equity-linked securities due March 10, 2023 linked to the worst performing of the Invesco QQQ Trust, series 1 and the SPDR S&P 500 ETF trust, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The notes will pay a contingent monthly coupon at an annual rate of 6% if each underlier closes at or above the coupon barrier level, 75% of the initial level, on the valuation date for that period.
The notes will be automatically called at par plus the coupon if each underlier closes at or above its initial level on any monthly valuation date after six months.
If the notes are not called and each underlier finishes at or above its coupon barrier, the payout at maturity will be par plus the final coupon.
At maturity the payout will be par unless the worst performing fund closes below its initial level and ever closes below its 70% final barrier level, in which case investors will be fully exposed to the decline of the worst performing fund.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Global Markets Holdings Inc.
|
| Guarantor: | Citigroup Inc.
|
| Issue: | Autocallable contingent coupon equity-linked securities
|
| Underliers: | SPDR S&P 500 ETF trust, Invesco QQQ Trust, series 1
|
| Amount: | $1,497,000
|
| Maturity: | March 10, 2023
|
| Coupon: | 6% annualized rate, payable monthly if each underlier closes at or above coupon barrier level on valuation date for that period
|
| Price: | Par
|
| Payout at maturity: | Par plus contingent coupon unless any underlier closes below its initial level and ever closes below its final barrier, in which case investors will lose 1% for every 1% decline of the worst performer from its initial level
|
| Call: | Automatically at par plus coupon if each underlier closes at or above initial level on any monthly valuation date after six months
|
| Initial levels: | $382.11 for QQQ, $451.46 for S&P 500
|
| Coupon barrier levels: | $286.583 for QQQ, $338.595 for S&P; 75% of initial levels
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| Final barrier levels: | $267.477 for QQQ, $316.022 for S&P 500; 70% of initial levels
|
| Pricing date: | Sept. 7
|
| Settlement date: | Sept. 10
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 1.5%
|
| Cusip: | 17329QEW6
|
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