By Angela McDaniels
Tacoma, Wash., Dec. 9 – Citigroup Global Markets Holdings Inc. priced $1.32 million of 0% barrier securities with upside reset feature due Dec. 2, 2024 linked to the SPDR S&P 500 ETF trust, according to a 424B2 filing with the Securities and Exchange Commission.
A reset event will occur if the ETF closes below the reset barrier value, 85% of the initial share price, on any day during the life of the notes.
If a reset event occurs, the upside barrier value will be equal to the reset barrier value. If a reset event does not occur, the upside barrier value will be equal to the initial share price.
If the final share price is greater than the upside barrier value, the payout at maturity will be par plus the return amount, which will equal (i) the final share price minus the upside barrier value divided by (ii) the initial share price.
If the final share price is less than or equal to the upside barrier value but greater than or equal to the downside barrier value, 80% of the initial share price, the payout will be par.
If the final share price is less than the downside barrier value, the payout will be a number of ETF shares equal to $1,000 divided by the initial share price or, at the issuer’s option, an amount in cash equal to the value of those shares.
The note are guaranteed by Citigroup Inc.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Global Markets Holdings Inc.
|
| Guarantor: | Citigroup Inc.
|
| Issue: | Barrier securities with upside reset feature
|
| Underlying ETF: | SPDR S&P 500 ETF trust
|
| Amount: | $1,321,000
|
| Maturity: | Dec. 2, 2024
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| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | If final share price is greater than upside barrier value, par plus return amount ((i) final share price minus upside barrier value divided by (ii) initial share price); if final share price is less than or equal to upside barrier value but greater than or equal to downside barrier value, par; if final share price is less than downside barrier value, 3.1839 ETF shares or, at issuer’s option, amount in cash equal to value of those shares
|
| Reset event: | ETF closes below reset barrier value on any day during life of notes
|
| Initial share price: | $314.08
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| Reset barrier value: | $266.967, or 85% of initial share price
|
| Downside barrier value: | $251.264, or 80% of initial share price
|
| Upside barrier value: | If reset event occurs, $266.967; if reset event does not occur, $314.08
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| Pricing date: | Nov. 26
|
| Settlement date: | Dec. 2
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 3%
|
| Cusip: | 17324XUB4
|
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