By Angela McDaniels
Tacoma, Wash., May 21 – Citigroup Global Markets Holdings Inc. priced $770,000 of contingent income autocallable securities due May 20, 2022 linked to the common stock of Northrop Grumman Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
If Northrop Grumman shares close at or above the downside threshold level, 80% of the initial share price, on a quarterly determination date, the notes will pay a contingent payment that quarter at an annualized rate of 9.25%.
Beginning in November, the notes will be called at par of $10 plus the contingent coupon if Northrop Grumman shares close at or above the initial share price on any quarterly determination date other than the final determination date.
If the final share price is greater than or equal to the downside threshold level, the payout at maturity will be par plus the final contingent coupon. Otherwise, investors will lose 1% for every 1% that the final share price is less than the initial share price.
Citigroup Global Markets Inc. is the underwriter. Morgan Stanley Wealth Management is a dealer.
| Issuer: | Citigroup Global Markets Holdings Inc.
|
| Guarantor: | Citigroup Inc.
|
| Issue: | Contingent income autocallable securities
|
| Underlying stock: | Northrop Grumman Corp. (Symbol: NOC)
|
| Amount: | $770,000
|
| Maturity: | May 20, 2022
|
| Coupon: | 9.25% per year, payable quarterly if Northrop Grumman shares close at or above downside threshold level on determination date for that quarter
|
| Price: | Par of $10.00
|
| Payout at maturity: | If final share price is greater than or equal to downside threshold level, par plus final contingent coupon; otherwise, 1% loss for every 1% that final share price is less than initial share price
|
| Call: | Beginning in November, at par plus contingent coupon if Northrop Grumman shares close at or above initial share price on any quarterly determination date other than final determination date
|
| Initial share price: | $306.69
|
| Downside threshold: | $245.352, 80% of initial share price
|
| Pricing date: | May 17
|
| Settlement date: | May 22
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Selected dealer: | Morgan Stanley Wealth Management
|
| Fees: | 2.5%
|
| Cusip: | 17326W555
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