By Wendy Van Sickle
Columbus, Ohio, Jan. 20 – Citigroup Global Markets Holdings Inc. priced $20 million of autocallable phoenix securities due Jan. 22, 2024 linked to the shares of 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 monthly coupon at an annual rate of 11.8008% if the ETF closes at or above its 85% coupon barrier on the related monthly observation date, in which case a coupon will also be paid for any previously unpaid month.
The notes will be called at par plus the contingent coupon if the ETF closes at or above its initial price on any monthly valuation date.
If the notes are not called, the payout at maturity will be par plus the final coupon unless the ETF finishes below the 85% buffer level, in which case investors will be exposed to the losses of the ETF beyond 15%.
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 phoenix securities
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| Underlying ETF: | SPDR S&P 500 ETF trust
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| Amount: | $20 million
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| Maturity: | Jan. 22, 2024
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| Coupon: | 11.8008% annualized, payable each month that ETF closes at or above coupon barrier on determination date for that month, plus any previously unpaid coupon
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| Price: | Par
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| Payout at maturity: | Par plus the final coupon unless the ETF finishes below barrier level, in which case exposure to losses of ETF beyond 15%
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| Call: | At par plus contingent coupon if ETF closes at or above initial price on any monthly valuation date
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| Initial share price: | $395.52
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| Coupon barrier: | $336.192, 85% of initial price
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| Buffer level: | $336.192, 85% of initial price
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| Pricing date: | Jan. 11
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| Settlement date: | Jan. 17
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| Agent: | Citigroup Global Markets Inc.
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| Fees: | 0.2%
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| Cusip: | 17330Y2B5
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