By William Gullotti
Buffalo, N.Y., April 4 – Citigroup Global Markets Holdings Inc. priced $2.5 million of 0% market-linked securities – autocallable with contingent coupon and contingent downside due May 10, 2023 linked to the Energy Select Sector SPDR fund and the Financial Select Sector SPDR fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be guaranteed by Citigroup Inc.
Quarterly, the notes will pay a contingent interest payment at the rate of 9.75% per year if each fund closes at or above the coupon barrier price, 75% of the initial share price, on the observation date for that period.
The notes will be automatically called at par plus the coupon if each fund closes at or above its initial level on any quarterly observation date after six months.
The payout at maturity will be par unless either fund falls by more than 25% in which case investors will be exposed fully to the losses of the worst performer from its initial level.
Citigroup Global Markets Inc. and Wells Fargo Securities, LLC are the agents.
| Issuer: | Citigroup Global Markets Holdings Inc.
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| Guarantor: | Citigroup Inc.
|
| Issue: | Market-linked securities – autocallable with contingent coupon and contingent downside
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| Underlying funds: | Energy Select Sector SPDR fund, Financial Select Sector SPDR fund
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| Amount: | $2,500,000
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| Maturity: | May 10, 2023
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| Coupon: | 9.75% annual rate, payable quarterly if both funds close at or above their coupon barrier prices on the relevant observation date
|
| Price: | Par
|
| Payout at maturity: | Par unless either fund falls by more than final barrier level, in which case full exposure to losses of worst performer
|
| Call: | Automatically at par plus coupon if each fund closes at or above initial level on any quarterly observation date after six months
|
| Initial levels: | $52.42 for Energy, $37.03 for Financial
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| Coupon barrier levels: | $39.315 for Energy, $27.7725 for Financial; 75% of initial level
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| Final barrier levels: | $39.315 for Energy, $27.7725 for Financial; 75% of initial level
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| Pricing date: | May 5, 2021
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| Settlement date: | May 10, 2021
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| Agents: | Citigroup Global Markets Inc. and Wells Fargo Securities, LLC
|
| Fees: | 1.825%
|
| Cusip: | 17329FMX9
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