By William Gullotti
Buffalo, N.Y., March 28 – Citigroup Global Markets Holdings Inc. priced $1.2 million of callable contingent coupon equity-linked securities due May 6, 2024 linked to 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 quarterly coupon at an annualized rate of 5% if the ETF closes at or above the coupon barrier price, 65% of the initial price, on the valuation date for that period.
The notes may be optionally called at par plus the contingent coupon on any quarterly valuation date.
If the notes are not called and the final share price is greater than or equal to the 65% final barrier price, the payout at maturity will be par plus final coupon.
Otherwise, investors will be fully exposed to the decline of the ETF, payable as cash or shares at the issuer’s discretion.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Global Markets Holdings Inc.
|
| Guarantor: | Citigroup Inc.
|
| Issue: | Callable contingent coupon equity-linked securities
|
| Underlying ETF: | SPDR S&P 500 ETF Trust
|
| Amount: | $1,200,000
|
| Maturity: | May 6, 2024
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| Coupon: | 5% annually, payable quarterly, if ETF closes at or above coupon barrier price on valuation date for that period
|
| Price: | Par
|
| Payout at maturity: | If notes are not called and final price is greater than or equal to final barrier price, par plus final coupon; otherwise, full exposure to decline in the stock, payable as cash or shares at the issuer’s discretion
|
| Call option: | Callable at par plus any coupon due on any quarterly coupon payment date
|
| Initial level: | $417.52
|
| Coupon barrier price: | $271.388; 65% of initial level
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| Final barrier price: | $271.388; 65% of initial level
|
| Pricing date: | April 28, 2021
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| Settlement date: | May 5, 2021
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 0.85%
|
| Cusip: | 17328NNN4
|
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