By Wendy Van Sickle
Columbus, Ohio, June 11 – Citigroup Global Markets Holdings Inc. priced $5.8 million of 0% barrier securities with upside reset feature due May 31, 2024 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.
The upside barrier value will be the initial underlying value unless a reset event has occurred, in which case the upside barrier value will be 85% of the initial underlying value. A reset event will occur if on any trading day until May 28, 2021, the underlier closes below 85% of the initial underlying value.
If the final underlying value is greater than the upside barrier value, the payout at maturity will be par plus the return of the underlier.
If the final underlying value is less than or equal to the upside barrier value but greater than or equal to the downside barrier value, 75% of the initial underlying value, the payout will be par.
If the final underlying value is less than the downside barrier value, investors will receive a fixed number of underlying shares of the underlying equal to the equity ratio, which is the stated principal amount divided by the initial underlying value. Investors may receive the cash value of those shares at the issuer’s option.
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: | Barrier securities with upside reset feature
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| Underlying index: | S&P 500
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| Amount: | $5,802,000
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| Maturity: | May 31, 2024
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| Coupon: | 0%
|
| Price: | Par
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| Reset event: | Occurs if on any trading day until May 28, 2021, the underlier closes below 85% of the initial underlying value
|
| Upside barrier: | Initial underlying value unless a reset event has occurred, in which case 85% of the initial underlying value
|
| Payout at maturity: | Par plus return of the underlier if final underlying value is greater than upside barrier value; par if index falls by up to 25%; otherwise, 3.56952 shares of underlier
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| Initial level: | $280.15
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| Reset barrier level: | $238.128, 85% of initial level
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| Downside barrier value: | $210.113, 75% of initial level
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| Pricing date: | May 28
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| Settlement date: | May 31
|
| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 3%
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| Cusip: | 17324XPL8
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