By William Gullotti
Buffalo, N.Y., April 11 – Citigroup Global Markets Holdings Inc. priced $5.62 million of autocallable contingent coupon equity-linked securities due May 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 9.5% if each ETF 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 ETF closes at or above its initial level, on any monthly valuation date after six months.
If the notes have not been called, the payout at maturity will be par unless either ETF closes below its 75% barrier value during the life of the notes and either ETF finishes below its initial level, investors will lose 1% for every 1% decline of the worst performer from its initial level.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Global Markets Holdings Inc.
|
| Guarantor: | Citigroup Inc.
|
| Issue: | Autocallable contingent coupon equity-linked securities
|
| Underlying funds: | SPDR S&P 500 ETF Trust, Invesco QQQ Trust, Series 1
|
| Amount: | $5,619,000
|
| Maturity: | May 10, 2023
|
| Coupon: | 9.5% annualized rate, payable monthly if each ETF closes at or above coupon barrier level, on valuation date for that period
|
| Price: | Par
|
| Payout at maturity: | Par unless either ETF closes below its 75% barrier value during the life of the notes and either ETF finishes below its initial level, investors will lose 1% for every 1% decline of the worst performer from its initial level
|
| Call: | Automatically at par plus coupon if each ETF closes at or above initial level on any monthly valuation date after six months
|
| Initial levels: | $451.03 for SPDR, $361.10 for QQQ
|
| Coupon barrier levels: | $338.273 for SPDR, $270.825 for QQQ; 75% of initial levels
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| Final barrier levels: | $338.273 for SPDR, $270.825 for QQQ; 75% of initial levels
|
| Pricing date: | April 5
|
| Settlement date: | April 8
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 2.15%
|
| Cusip: | 17330FAQ4
|
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