By Wendy Van Sickle
Columbus, Ohio, Sept. 27 – Citigroup Global Markets Holdings Inc. priced $8.02 million of autocallable contingent coupon equity-linked securities due Sept. 28, 2022 linked to the SPDR S&P Oil & Gas Exploration & Production exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a contingent coupon at the rate of 12.55% per year if the ETF closes at or above its coupon barrier value, 80% of its initial share price, on the valuation date for that quarter.
Beginning in September 2020, the notes will be automatically called at par if the ETF closes at or above its initial level on any quarterly observation date.
The payout at maturity will be par unless the ETF finishes below its final buffer value, 80% of its initial level, in which case investors will lose 1% for every 1% that the ETF declines beyond 20%.
The notes are guaranteed by Citigroup Inc.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Global Markets Holdings Inc.
|
| Guarantor: | Citigroup Inc.
|
| Issue: | Autocallable contingent coupon equity-linked securities
|
| Underlying ETF: | SPDR S&P Oil & Gas Exploration & Production exchange-traded fund
|
| Amount: | $8,016,000
|
| Maturity: | Sept. 28, 2022
|
| Coupon: | 12.55% per year, payable quarterly if ETF closes at or above coupon barrier value on valuation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par unless ETF finishes below final buffer value, in which case 1% loss for every 1% that ETF declines beyond 20%
|
| Call: | Beginning in September 2020, automatically at par if ETF closes at or above initial level on any quarterly observation date
|
| Initial levels: | $23.79
|
| Coupon barrier: | $14.274, or 60% of initial level
|
| Final barrier: | $14.274, or 60% of initial level
|
| Pricing date: | Sept. 20
|
| Settlement date: | Sept. 23
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 0.6%
|
| Cusip: | 17324XSM3
|
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