By William Gullotti
Buffalo, N.Y., Dec. 28 – Citigroup Global Markets Holdings Inc. priced $2 million of callable contingent coupon equity-linked securities due Oct. 24, 2024 linked to the worst performing of the Invesco S&P 500 Equal Weight ETF 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 monthly coupon at an annualized rate of 6.8% if each ETF closes at or above its coupon barrier level, 70% of its initial level, on the related observation date.
The notes will be callable in whole, at the option of the issuer, at par plus any coupon due on July 22, 2024.
If the notes are not redeemed early and each ETF finishes at or above 64% of its initial level, the payout at maturity will be par.
Otherwise, investors be fully exposed to the decline of the worst performer from its initial level.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Global Markets Holdings Inc.
|
| Guarantor: | Citigroup Inc.
|
| Issue: | Callable contingent coupon equity-linked securities
|
| Underlying funds: | Invesco S&P 500 Equal Weight ETF, iShares Russell 2000 ETF
|
| Amount: | $2,003,000
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| Maturity: | Oct. 24, 2024
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| Contingent coupon: | 6.8% per year, payable monthly if each fund closes at or above coupon barrier on related observation date
|
| Price: | Par
|
| Payout at maturity: | Par if each ETF finishes at or above its final barrier; otherwise, 1% loss for every 1% decline of the worst performer from initial level
|
| Call option: | In whole at par plus any coupon due on July 22, 2024
|
| Initial levels: | $137.01 for Invesco, $166.44 for iShares
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| Coupon barrier levels: | $95.907 for Invesco, $116.508 for iShares; 70% of initial levels
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| Final barrier levels: | $87.686 for Invesco, $106.522 for iShares; 64% of initial levels
|
| Pricing date: | Oct. 20
|
| Settlement date: | Oct. 25
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 0.65%
|
| Cusip: | 17291QUZ5
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