New Issue: Citigroup sells $3.97 million 7.2% equity-linked securities on two ETFs

By William Gullotti

Buffalo, N.Y., March 3 – Citigroup Global Markets Holdings Inc. priced $3.97 million of equity-linked securities due Aug. 26, 2022 tied to the least performing of the shares of Invesco QQQ Trust, Series 1 and 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 carry a coupon of 7.2% per year, payable monthly.

If each ETF finishes at or above 80% of its initial level, the payout at maturity will be par. Otherwise, investors will receive a number of shares of the worst performer equal to $1,000 divided by that ETF’s initial share price or the cash equivalent at the issuer’s discretion.

Citigroup Global Markets Inc. is the underwriter.

Issuer:	Citigroup Global Markets Holdings Inc.
Guarantor:	Citigroup Inc.
Issue:	Equity-linked securities
Underlying ETFs:	Invesco QQQ Trust, Series 1, SPDR S&P 500 ETF Trust
Amount:	$3,969,000
Maturity:	Aug. 26, 2022
Coupon:	7.2% per year, payable monthly; 3.6% for term of securities
Price:	Par
Payout at maturity:	If each ETF finishes at or above barrier, par; otherwise, investors will receive shares of the worst performer or the cash equivalent at the issuer’s discretion
Initial levels:	$329.42 for QQQ, $421.95 for SPDR
Barrier levels:	$263.536 for QQQ, $337.56 for SPDR; 80% of initial levels
Physical delivery:	3.03564 for QQQ, 2.36995 for SPDR; share delivery per note
Pricing date:	Feb. 23
Settlement date:	Feb. 28
Underwriter:	Citigroup Global Markets Inc.
Fees:	0.75%
Cusip:	17328N5E4

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