By William Gullotti
Buffalo, N.Y., April 22 – Citigroup Global Markets Holdings Inc. priced $3.05 million of autocallable contingent coupon equity-linked securities due July 21, 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 8% if each ETF closes at or above the coupon barrier level, 80% 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 and each ETF finishes at or above its coupon barrier, the payout at maturity will be par plus the final coupon.
If the worst performer finishes below its coupon barrier but at or above 75% of its initial level, the payout at maturity will be par. Otherwise, investors will be fully exposed to the decline of the worst performer from its initial level.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Global Markets Holdings Inc.
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| Guarantor: | Citigroup Inc.
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| Issue: | Autocallable contingent coupon equity-linked securities
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| Underlying funds: | SPDR S&P 500 ETF Trust, Invesco QQQ Trust, Series 1
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| Amount: | $3,051,000
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| Maturity: | July 21, 2023
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| Coupon: | 8% annualized rate, payable monthly if each ETF closes at or above coupon barrier level, on valuation date for that period
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| Price: | Par
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| Payout at maturity: | If each ETF finishes at or above coupon barrier, par plus final coupon; if the worst performer finishes below its coupon barrier but not below final barrier, par; otherwise, full exposure to decline of lesser-performing ETF from its initial level
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| Call: | Automatically at par plus coupon if each ETF closes at or above initial level on any monthly valuation date after six months
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| Initial levels: | $338.69 for QQQ, $437.97 for SPDR
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| Coupon barrier levels: | $270.952 for QQQ, $350.376 for SPDR; 80% of initial levels
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| Final barrier levels: | $254.018 for QQQ, $328.478 for SPDR; 75% of initial levels
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| Pricing date: | April 18
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| Settlement date: | April 21
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 2.25%
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| Cusip: | 17330F2P5
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