By Wendy Van Sickle
Columbus, Ohio, May 19 – Citigroup Global Markets Holdings Inc. priced $12.85 million of contingent income callable securities due Aug. 18, 2027 linked to the worst performing of the iShares MSCI EAFE ETF, the iShares Russell 2000 ETF 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 pay a contingent quarterly coupon at an annual rate of 10.138% if each ETF closes at or above its coupon barrier level, 70% of its initial ETF level, on the valuation date for that period.
The notes are callable at par on any contingent coupon payment date.
If the notes have not been called, the payout at maturity will be par unless any ETF finishes below its 60% downside threshold level. Otherwise, investors will lose 1% for every 1% decline of the lesser performing ETF.
Citigroup Global Markets Inc. is the underwriter with Morgan Stanley Wealth Management as a selected dealer.
| Issuer: | Citigroup Global Markets Holdings Inc.
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| Guarantor: | Citigroup Inc.
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| Issue: | Contingent income callable securities
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| Underlying funds: | iShares MSCI EAFE ETF, SPDR S&P 500 ETF trust, iShares Russell 2000 ETF
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| Amount: | $12.85 million
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| Maturity: | Aug. 18, 2027
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| Coupon: | 10.138% per year, payable quarterly if each ETF closes at or above coupon barrier on valuation date
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| Price: | Par
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| Payout at maturity: | Par unless any ETF finishes below its downside threshold level; otherwise, investors will lose 1% for every 1% decline of the lesser performing ETF from its initial level
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| Call option: | At par plus any coupon due on any quarterly review date
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| Initial levels: | $66.99 for iShares MSCI EAFE, $178.07 for iShares Russell 2000, $401.72 for S&P 500
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| Coupon barriers: | $46.893 for iShares MSCI EAFE, $124.649 for iShares Russell 2000, $281.204 for S&P 500; 70% of initial levels
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| Downside thresholds: | $40.194 for iShares MSCI EAFE, $106.842 for iShares Russell 2000, $241.032 for S&P 500; 60% of initial levels
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| Pricing date: | May 13
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| Settlement date: | May 18
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| Underwriter: | Citigroup Global Markets Inc.
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| Selected dealer: | Morgan Stanley Wealth Management
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| Fees: | 2%
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| Cusip: | 17330FSH5
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