By Wendy Van Sickle
Columbus, Ohio, Sept. 27 – Citigroup Global Markets Holdings Inc. priced $1.6 million of autocallable contingent coupon equity-linked securities due Sept. 26, 2024 linked to the lesser performing of the VanEck Vectors Gold Miners exchange-traded fund and the iShares China Large-Cap 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 10% per year if the lesser-performing underlier closes at or above its coupon barrier value, 80% 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, 80% of its initial level, in which case investors will lose 1% for every 1% that the lesser-performing underlier declines beyond 20%.
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: | VanEck Vectors Gold Miners exchange-traded fund and iShares China Large-Cap exchange-traded fund
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| Amount: | $1.6 million
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| Maturity: | Sept. 26, 2024
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| Coupon: | 10% 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 20%
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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: | $29.16 for gold ETF and $40.53 for China ETF
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| Coupon barriers: | $23.328 for gold ETF and $32.424 for China ETF, or 80% of initial levels
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| Final barriers: | $23.328 for gold ETF and $32.424 for China ETF, or 80% of initial levels
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| Pricing date: | Sept. 23
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| Settlement date: | Sept. 26
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 3.5%
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| Cusip: | 17327TWN2
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