By William Gullotti
Buffalo, N.Y., June 9 – Citigroup Global Markets Holdings Inc. priced $3.34 million of callable contingent coupon equity-linked securities due Dec. 3, 2024 linked to the performance of the Financial Select Sector SPDR Fund and the Russell 2000 index, 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 13.02% if each underlier 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 early and each underlier finishes at or above the coupon barrier, the payout at maturity will be par plus the final coupon.
If the worst performer finishes below its coupon barrier but not below the 65% final barrier, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% that the worst performer declines from its initial level.
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: | Financial Select Sector SPDR Fund, Russell 2000 index
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Amount: | $3,337,000
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Maturity: | Dec. 3, 2024
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Contingent coupon: | 13.02% per year, payable quarterly if each underlier 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: | If each underlier finishes at or above coupon barrier, par plus final coupon; if worst performer finishes below coupon barrier but at or above final barrier, par; otherwise, investors will lose 1% for each 1% the worst performer declines from its initial level
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Call option: | In whole at par on any quarterly valuation date
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Initial levels: | $35.57 for ETF, 1,887.896 for Russell
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Coupon barrier levels: | $24.899 for ETF, 1,321.527 for Russell; 70% of initial levels
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Final barrier levels: | $23.121 for ETF, 1,227.132 for Russell; 65% of initial levels
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Pricing date: | May 27
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Settlement date: | June 2
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Underwriter: | Citigroup Global Markets Inc.
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Fees: | 1.75%
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Cusip: | 17330P6J3
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