By William Gullotti
Buffalo, N.Y., June 16 – Citigroup Global Markets Holdings Inc. priced $1 million of autocallable fixed-to-contingent coupon equity-linked securities due June 10, 2027 linked to the Target Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be guaranteed by Citigroup Inc.
Interest will be paid quarterly at an annual rate of 8% for the first two years. After that, interest will be paid only if the stock closes at or above its barrier level, 60% of the initial level, on the relevant observation date. Previously unpaid coupons, if any, will be automatically included whenever a contingent coupon is paid.
The notes will be called automatically at par plus the coupon if the stock closes at or above its initial level on any quarterly valuation date after two years.
If the notes are not called and the stock finishes at or above 60% of its initial level, the payout at maturity will be par plus the final coupon.
Otherwise, investors will lose 1% for every 1% decline of the stock from its initial level.
Citigroup Global Markets Inc. is the agent.
| Issuer: | Citigroup Global Markets Holdings Inc.
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| Guarantor: | Citigroup Inc.
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| Issue: | Autocallable fixed-to-contingent coupon equity-linked securities
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| Underlying stock: | Target Corp.
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| Amount: | $1 million
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| Maturity: | June 10, 2027
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| Coupon: | 8% per annum paid quarterly for the first two years; then 8% annualized, payable quarterly, if stock closes above barrier level on the relevant observation date; coupon payment events will automatically include any previously unpaid coupons
|
| Price: | Par
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| Payout at maturity: | If the stock finishes at or above final barrier level, par plus final coupon; otherwise, full exposure to stock decline from initial level
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| Call: | Automatically at par plus coupon if the stock closes at or above initial level on any quarterly observation date after two years
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| Initial level: | $159.67
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| Coupon barrier level: | $95.802, 60% of initial level
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| Final barrier level: | $95.802, 60% of initial level
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| Pricing date: | June 6
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| Settlement date: | June 8
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| Agent: | Citigroup Global Markets Inc.
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| Fees: | 3.35%
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| Cusip: | 17330P4B2
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