By William Gullotti
Buffalo, N.Y., Aug. 24 – Citigroup Global Markets Holdings Inc. priced $5 million of contingent income callable securities due Aug. 20, 2025 linked to the worst performing of the Invesco S&P 500 Equal Weight ETF, the SPDR S&P 500 ETF Trust and the iShares Russell 2000 ETF, 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 9.25% if each ETF closes at or above its coupon barrier level, 70% of its initial ETF level, on every trading day during the observation period.
The notes are callable at par on any contingent coupon payment date.
If the notes have not been called, the payout at maturity will be par unless any ETF finishes below its 70% downside threshold level. Otherwise, investors will lose 1% for every 1% decline of the lesser 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: | Invesco S&P 500 Equal Weight ETF, iShares Russell 2000 ETF, SPDR S&P 500 ETF Trust
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| Amount: | $5 million
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| Maturity: | Aug. 20, 2025
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| Coupon: | 9.25% per year, payable quarterly if each ETF closes at or above coupon barrier on every trading day during the observation period
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| Price: | Par
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| Payout at maturity: | Par unless any ETF finishes below its downside threshold level; otherwise, investors will lose 1% for every 1% decline of the lesser 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: | $149.25 for Invesco, $188.14 for iShares, $442.89 for SPDR
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| Coupon barriers: | $104.475 for Invesco, $131.698 for iShares, $310.023 for SPDR; 70% of initial levels
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| Downside thresholds: | $104.475 for Invesco, $131.698 for iShares, $310.023 for SPDR; 70% of initial levels
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| Pricing date: | Aug. 15
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| Settlement date: | Aug. 18
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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: | 17291QU51
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