By William Gullotti
Buffalo, N.Y., Nov. 14 – Citigroup Global Markets Holdings Inc. priced $8.61 million of contingent income callable securities due June 26, 2026 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 9.8% if each ETF closes at or above its coupon barrier level, 70% of its initial ETF level, on the relevant 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.
|
| Guarantor: | Citigroup Inc.
|
| Issue: | Contingent income callable securities
|
| Underlying funds: | iShares MSCI EAFE ETF, SPDR S&P 500 ETF Trust, iShares Russell 2000 ETF
|
| Amount: | $8,613,000
|
| Maturity: | June 26, 2026
|
| Coupon: | 9.8% per year, payable quarterly if each ETF closes at or above coupon barrier on the relevant observation date
|
| Price: | Par
|
| Payout at maturity: | If each ETF finishes at or above coupon barrier, par plus final coupon; if worst performer finishes below coupon barrier but not below downside threshold level, par; otherwise, investors will lose 1% for every 1% decline of the worst performing ETF from its initial level
|
| Call option: | At par plus any coupon due on any quarterly review date
|
| Initial levels: | $56.76 for EAFE ETF, $167.31 for Russell ETF, $367.95 for S&P ETF
|
| Coupon barriers: | $39.732 for EAFE ETF, $117.117 for Russell ETF, $257.565 for S&P ETF; 70% of initial levels
|
| Downside thresholds: | $34.056 for EAFE ETF, $100.386 for Russell ETF, $220.77 for S&P ETF; 60% of initial levels
|
| Pricing date: | Sept. 23
|
| Settlement date: | Sept. 28
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| Underwriter: | Citigroup Global Markets Inc.
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| Selected dealer: | Morgan Stanley Wealth Management
|
| Fees: | 2.08%
|
| Cusip: | 17330RJC0
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