By Sarah Lizee
Olympia, Wash., July 22 – Citigroup Global Markets Holdings Inc. priced $2.07 million of contingent coupon autocallable notes due July 22, 2022 linked to the lesser performing of the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
Each quarter, the notes pay a contingent coupon at the rate of 7% per year if each index closes at or above its coupon barrier level, 80% of its initial level, on the observation date for that quarter.
Beginning in July 2020, the notes will be automatically called at par if each index closes at or above its initial level on any quarterly observation date.
The payout at maturity will be par unless either index finishes below its buffer level, in which case investors will lose 1% for every 1% decline of the lesser performing index beyond 20%.
Citigroup Global Markets Inc. is the agent.
| Issuer: | Citigroup Global Markets Holdings Inc.
|
| Guarantor: | Citigroup Inc.
|
| Issue: | Contingent coupon autocallable notes
|
| Underlying indexes: | S&P 500 and Russell 2000
|
| Amount: | $2,072,000
|
| Maturity: | July 22, 2022
|
| Coupon: | Each quarter, notes pay contingent coupon at rate of 7% per year unless either index closes below coupon barrier level on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par unless either index closes below buffer level, in which case 1% loss for every 1% decline of the lesser performing index beyond 20%
|
| Call: | Beginning in July 2020, automatically at par if each index closes at or above initial level on any quarterly observation date
|
| Initial levels: | 2,995.11 for S&P 500 and 1,555.624 for Russell 2000
|
| Coupon barrier/buffer level: | 2,396.088 for S&P 500 and 1,244.499 for Russell 2000; 80% of initial levels
|
| Pricing date: | July 18
|
| Settlement date: | July 23
|
| Agents: | Credit Suisse Securities (USA) LLC and Incapital LLC
|
| Fees: | 0.1%
|
| Cusip: | 17327TPY6
|
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