By William Gullotti
Buffalo, N.Y., June 29 – Citigroup Global Markets Holdings Inc. priced $5.56 million of contingent income callable securities due Dec. 26, 2025 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 424B8 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% if each ETF closes at or above its coupon barrier level, 70% of its initial ETF level, on the related observation date.
The notes are callable at par on any contingent coupon payment date.
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 its 60% downside threshold level, the payout will be par. Otherwise, investors will lose 1% for every 1% decline of the worst 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: | $5,555,000
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| Maturity: | Dec. 26, 2025
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| Coupon: | 10% per year, payable quarterly if each ETF closes at or above coupon barrier on the related observation date
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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 worst performer finishes below coupon barrier but at or above its downside threshold level, par; otherwise, investors will lose 1% for every 1% decline of the worst 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: | $61.99 for EAFE, $167.82 for Russell, $374.39 for S&P
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| Coupon barriers: | $43.393 for EAFE, $117.474 for Russell, $262.073 for S&P; 70% of initial levels
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| Downside thresholds: | $37.194 for EAFE, $100.692 for Russell, $224.634 for S&P; 60% of initial levels
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| Pricing date: | June 22
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| Settlement date: | June 27
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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: | 17330PSG5
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