By William Gullotti
Buffalo, N.Y., Jan. 10 – Citigroup Global Markets Holdings Inc. priced $1.5 million of callable contingent coupon equity-linked securities due Aug. 28, 2023 linked to the worst performing of the Financial Select Sector SPDR Fund, the SPDR S&P Bank ETF and the SPDR S&P Regional Banking 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 8% if each ETF closes at or above its coupon barrier level, 70% of its initial level, on the related observation date.
The notes will be callable in whole, at the option of the issuer, at par plus any coupon due on any quarterly valuation date.
If the notes are not redeemed early, the payout will be par plus the final coupon if each ETF finishes at or above 70% of its initial level. Otherwise, investors will receive a number of shares of the worst performer equal to $1,000 divided by its initial level or, at the issuer’s option, the cash equivalent.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Global Markets Holdings Inc.
|
| Guarantor: | Citigroup Inc.
|
| Issue: | Callable contingent coupon equity-linked securities
|
| Underlying funds: | Financial Select Sector SPDR Fund, SPDR S&P Bank ETF, SPDR S&P Regional Banking ETF
|
| Amount: | $1.5 million
|
| Maturity: | Aug. 28, 2023
|
| Contingent coupon: | 8% per year, payable quarterly if each fund closes at or above coupon barrier on related observation date
|
| Price: | Par
|
| Payout at maturity: | Par plus coupon if each ETF finishes at or above its final barrier; otherwise, investors will receive a number of shares equal to the worst performer’s equity ratio or cash at the issuer’s option
|
| Call option: | In whole at par plus any coupon due on any quarterly valuation date
|
| Initial levels: | $38.00 for Financial, $51.39 for Bank, $65.05 for Regional Banking
|
| Coupon barrier levels: | $26.60 for Financial, $35.973 for Bank, $45.535 for Regional Banking; 70% of initial levels
|
| Final barrier levels: | $26.60 for Financial, $35.973 for Bank, $45.535 for Regional Banking; 70% of initial levels
|
| Equity ratios: | 26.31579 for Financial, 19.45904 for Bank, 15.37279 for Regional Banking; shares delivered per security
|
| Pricing date: | Aug. 23
|
| Settlement date: | Aug. 26
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 0.5%
|
| Cusip: | 17328NWH7
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
