By Marisa Wong
Morgantown, W.Va., Aug. 2 – Citigroup Global Markets Holdings Inc. priced $4.04 million of 0% dual directional barrier securities due Jan. 29, 2021 linked to 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.
If the trust finishes at or above the initial share price, the payout at maturity will be par plus the trust return, subject to a maximum return of 17%.
If the trust finishes below the initial share price but at or above the barrier price, the payout at maturity will be par plus the absolute value of the trust return. The barrier price will be 70% of the initial share price.
If the trust finishes below the barrier price, the payout will be a number of shares of the trust equal to $1,000 divided by the initial share price or, at the issuer’s option, the cash value of those shares.
Citigroup Global Markets Inc. is the underwriter.
Issuer: | Citigroup Global Markets Holdings Inc.
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Guarantor: | Citigroup Inc.
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Issue: | Dual directional barrier securities
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Underlying fund: | SPDR S&P 500 ETF trust
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Amount: | $4,038,000
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Maturity: | Jan. 29, 2021
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | If the trust finishes at or above the initial share price, par plus the trust return, subject to a maximum return of 17%; if the trust finishes below the initial share price but at or above the barrier price, par plus the absolute value of the trust return; otherwise, 4.04155 shares of the trust or, at issuer’s option, cash equivalent
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Initial price: | $247.43
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Barrier price: | $173.201, 70% of initial price
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Pricing date: | July 26
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Settlement date: | July 31
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Underwriter: | Citigroup Global Markets Inc.
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Fees: | 2.5%
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Cusip: | 17324XCM0
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