By Kiku Steinfeld
Chicago, July 25 – Citigroup Global Markets Holdings Inc. priced $3.27 million of contingent income callable securities due Jan. 5, 2024 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The securities will pay a contingent quarterly coupon at an annualized rate of 6.85% if the index closes at or above the 75% downside threshold on the related observation date.
The securities may be redeemed early at par plus any coupon otherwise due on any quarterly observation date.
If the index finishes at or above the 75% downside threshold, the payout at maturity will be par plus the final coupon. Otherwise, investors will be fully exposed to the index’s decline from its initial level.
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 index: | S&P 500 index
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| Amount: | $3,267,000
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| Maturity: | Jan. 5, 2024
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| Coupon: | 6.85% annualized, payable quarterly if the index closes at or above downside threshold on the relevant observation date
|
| Price: | Par
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| Payout at maturity: | Par plus contingent coupon if index finishes at or above downside threshold; otherwise, 1% loss for every 1% of index decline from initial level
|
| Call option: | At par plus any coupon otherwise due on any quarterly observation date
|
| Initial level: | 4,778.73
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| Downside threshold: | 3,584.048, 75% of initial level
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| Pricing date: | Dec. 30
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| Settlement date: | Jan. 5
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| Underwriter: | Citigroup Global Markets Inc.
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| Selected dealer: | Morgan Stanley Wealth Management
|
| Fees: | 1.5%
|
| Cusip: | 17329UT68
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