By Kiku Steinfeld
Chicago, Feb. 22 – Citigroup Global Markets Holdings Inc. priced $1.5 million of callable contingent coupon equity-linked securities due Feb. 9, 2023 linked to the worst performing of the SPDR S&P Regional Banking ETF, the Financial Select Sector SPDR fund and the SPDR S&P Bank ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The notes pay a contingent quarterly coupon at an annualized rate of 10.25% if each asset closes at or above its coupon barrier level, 70% of its initial level, on the valuation date for that period.
The notes will be callable in whole at par plus any coupon due on any quarterly valuation date.
If the notes are not redeemed, the payout will be par unless any asset finishes below 70% of its initial level, in which case investors will receive a fixed number of shares of the worst performing underlying equal to its equity ratio or, if the issuer prefers, the cash value of those shares
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 assets: | SPDR S&P Regional Banking ETF, Financial Select Sector SPDR fund and SPDR S&P Bank ETF
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| Amount: | $1.5 million
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| Maturity: | Feb. 9, 2023
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| Contingent coupon: | 10.25% per year, payable quarterly if each asset closes at or above coupon barrier on the valuation date for that period
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| Price: | Par
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| Payout at maturity: | Par if each asset finishes above 70% of its initial level; otherwise, a fixed number of shares of the worst performing underlying equal to its equity ratio or cash value
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| Call option: | In whole at par plus any coupon due on any quarterly valuation date
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| Initial levels: | $30.89 for Financial, $46.04 for Bank, $58.95 for Regional Banking
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| Coupon barriers: | $21.623 for Financial, $32.228 for Bank, $41.265 for Regional Banking; 70% of initial levels
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| Final barriers: | $21.623 for Financial, $32.228 for Bank, $41.265 for Regional Banking; 70% of initial levels
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| Equity ratios: | 32.37294 for Financial, 21.72024 for Bank, 16.96353 for Regional Banking
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| Pricing date: | Feb. 5
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| Settlement date: | Feb. 10
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 1%
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| Cusip: | 17328NFC7
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