Chicago, Aug. 25 – Citigroup Global Markets Holdings Inc. priced $1.54 million phoenix autocallable securities due Sept. 5, 2024 linked to American Express Co. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
If the stock closes at or above the coupon barrier level, 85% of the initial level, on a quarterly observation date, the notes will pay a contingent coupon for that quarter at an annualized rate of 12.35%, plus any previously unpaid contingent coupons.
The notes will be called at par plus any previously unpaid contingent coupons if the shares close at or above the initial share price on any quarterly observation date.
The payout at maturity will be par plus the final coupon and any previously unpaid coupons unless the stock finishes below the 85% final buffer level, in which case investors will lose 1.17647% for each 1% decline beyond the 15% buffer.
Citigroup Global Markets Inc. is the underwriter and J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA are the placement agents.
| Issuer: | Citigroup Global Markets Holdings Inc.
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| Guarantor: | Citigroup Inc.
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| Issue: | Phoenix autocallable securities
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| Underlying stock: | American Express Co.
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| Amount: | $1,542,000
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| Maturity: | Sept. 5, 2024
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| Coupon: | 12.35% annualized, payable quarterly with any previously unpaid coupons, if stock closes at or above coupon barrier level on related observation date
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| Price: | Par
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| Payout at maturity: | Par plus contingent coupon and previously unpaid coupons if stock finishes at or above final buffer level; otherwise, 1.17647% loss for each 1% decline beyond 15% buffer
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| Call: | At par plus final contingent coupon and any previously unpaid coupons if stock closes at or above initial level on a quarterly observation date
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| Initial share price: | $160.23
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| Coupon barrier level: | $136.196, 85% of initial price
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| Final buffer level: | $136.196, 85% of initial price
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| Pricing date: | Aug. 18
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| Settlement date: | Aug. 23
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| Underwriter: | Citigroup Global Markets Inc. with J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA as placement agents
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| Fees: | 1%
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| Cusip: | 17291QKV5
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