By Wendy Van Sickle
Columbus, Ohio, Dec. 31 – Citigroup Global Markets Holdings Inc. priced $2 million of callable contingent coupon equity-linked securities due Dec. 22, 2022 linked to the Financial Select Sector SPDR fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The notes will pay a contingent quarterly coupon at annual rate of 8.7% if the fund closes at or above its coupon barrier, 80% of its initial level, on the observation date for that period.
The notes will be callable at par plus any coupon due on any quarterly potential redemption date.
The payout at maturity will be par plus the final coupon unless the fund finishes below its 80% barrier, in which case investors will lose 1% for each 1% decline of the fund from its initial level, paid in shares or in cash at the issuer’s option.
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: | Callable contingent coupon equity-linked securities
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| Underlying fund: | Financial Select Sector SPDR fund
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| Amount: | $2 million
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| Maturity: | Dec. 22, 2022
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| Coupon: | 8.7% annualized rate, payable quarterly if fund closes at or above coupon barrier on related observation date
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| Price: | Par
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| Call option: | At par plus any coupon due on any quarterly potential redemption date
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| Payout at maturity: | Par plus any coupon due if fund finishes above barrier level; otherwise, 1% loss for each 1% decline of fund from initial level in shares or cash at issuer’s option
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| Initial level: | $28.49
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| Coupon barrier: | $22.792, 80% of initial level
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| Barrier value: | $22.792, 80% of initial level
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| Pricing date: | Dec. 18
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| Settlement date: | Dec. 23
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 1%
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| Cusip: | 17328NBR8
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