By Kiku Steinfeld
Chicago, June 7 – Citigroup Global Markets Holdings Inc. priced $950,000 of callable contingent coupon equity-linked securities due Nov. 25, 2024 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 quarterly coupon at an annual rate of 6% if each fund closes at or above the coupon barrier price, 65% of the initial price, on the related valuation date.
The notes may be called at par on any quarterly call valuation date.
If the notes are not called and each fund finishes at or above final barrier price, 65% of its initial level, the payout at maturity will be par. Otherwise, investors will receive shares of the worst performer equal to $1,000 divided by the initial share price or, at the issuer’s option, the cash equivalent of those shares.
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: | Callable contingent coupon equity-linked securities
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| Underlying funds: | Invesco QQQ Trust, series 1 and the SPDR S&P 500 ETF Trust
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| Amount: | $950,000
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| Maturity: | Nov. 25, 2024
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| Coupon: | 6% annualized rate, payable quarterly if each fund closes at or above coupon barrier price on related valuation date
|
| Price: | Par
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| Payout at maturity: | Par if each fund closes at or above final barrier; otherwise, shares of the worst performer equal to principal amount divided by initial share price of worst performing fund or cash equivalent
|
| Call: | At par on any quarterly call valuation date
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| Initial levels: | $397.42 for Invesco and $469.28 for S&P
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| Barrier levels: | $258.323 for Invesco and $305.032 for S&P, 65% of initial levels
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| Equity ratios: | 2.51623 for Invesco and 2.13092 for S&P
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| Pricing date: | Nov. 17, 2021
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| Settlement date: | Nov. 24, 2021
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 1%
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| Cusip: | 17328NM88
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