By Wendy Van Sickle
Columbus, Ohio, Sept. 26 – Citigroup Global Markets Holdings Inc. priced $1.17 million of autocallable contingent coupon equity-linked securities due March 25, 2027 linked to the lesser performing of the Euro Stoxx Banks index and the SPDR S&P Oil & Gas Exploration & Production exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
Each month, the notes pay a contingent coupon at the rate of 9.5% per year if the lesser-performing underlier closes at or above its coupon barrier value, 65% of its initial share price, on the valuation date for that month.
Beginning in September 2020, the notes will be automatically called at par if the lesser-performing underlier closes at or above its initial level on any monthly observation date.
The payout at maturity will be par unless the lesser-performing underlier finishes below its final buffer value, 75% of its initial level, in which case investors will lose 1% for every 1% that the lesser-performing underlier declines beyond 25%.
The notes are guaranteed by Citigroup Inc.
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: | Autocallable contingent coupon equity-linked securities
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| Underliers: | Euro Stoxx Banks index and SPDR S&P Oil & Gas Exploration & Production exchange-traded fund
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| Amount: | $1.17 million
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| Maturity: | March 25, 2027
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| Coupon: | 9.5% per year, payable monthly if lesser-performing underlier closes at or above coupon barrier value on valuation date for that month
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| Price: | Par
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| Payout at maturity: | Par unless lesser-performing underlier finishes below final buffer value, in which case 1% loss for every 1% that lesser-performing underlier declines beyond 25%
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| Call: | Beginning in September 2020, automatically at par if lesser-performing share price closes at or above initial level on any monthly observation date
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| Initial levels: | 89.45 for index and $23.79 for ETF
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| Coupon barriers: | 58.143 for index and $15.464 for ETF, or 65% of initial levels
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| Final barriers: | 67.088 for index and $17.843 for ETF, or 75% of initial levels
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| Pricing date: | Sept. 20
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| Settlement date: | Sept. 25
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 4.4%
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| Cusip: | 17327TNC6
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