By William Gullotti
Buffalo, N.Y., Aug. 23 – Citigroup Global Markets Holdings Inc. priced $575,000 of callable contingent coupon equity-linked securities due Aug. 1, 2024 linked to the worst performing of the Energy Select Sector SPDR Fund, the Financial Select Sector SPDR Fund and the Health Care Select Sector SPDR Fund, 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 12.2% if each ETF closes at or above its coupon barrier level, 58.85% 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 and each ETF finishes at or above 58.85% of its initial level, the payout at maturity will be par plus the final coupon.
Otherwise, investors be fully exposed to the decline of the worst performer 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 funds: | Energy Select Sector SPDR Fund, Financial Select Sector SPDR Fund, Health Care Select Sector SPDR Fund
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| Amount: | $575,000
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| Maturity: | Aug. 1, 2024
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| Contingent coupon: | 12.2% per year, payable quarterly if each fund closes at or above coupon barrier on related observation date
|
| Price: | Par
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| Payout at maturity: | Par plus coupon if each ETF finishes at or above its final barrier; otherwise, 1% loss for every 1% decline of the worst performer from initial level
|
| Call option: | In whole at par plus any coupon due on any quarterly valuation date
|
| Initial levels: | $78.42 for Energy, $33.71 for Financial, $132.40 for Health Care
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| Coupon barrier levels: | $46.15 for Energy, $19.838 for Financial, $77.917 for Health Care; 58.85% of initial levels
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| Final barrier levels: | $46.15 for Energy, $19.838 for Financial, $77.917 for Health Care; 58.85% of initial levels
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| Pricing date: | July 29
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| Settlement date: | Aug. 3
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 1.75%
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| Cusip: | 17330PWH8
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