By William Gullotti
Buffalo, N.Y., Aug. 29 – Citigroup Global Markets Holdings Inc. priced $2.18 million of callable contingent coupon equity-linked securities due Aug. 29, 2024 linked to the worst performing of 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 12% if each ETF closes at or above its coupon barrier level, 72.65% 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 after six months.
If the notes are not redeemed early and each ETF finishes at or above 72.65% of its initial level, the payout at maturity will be par plus the final coupon.
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.
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| Guarantor: | Citigroup Inc.
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| Issue: | Callable contingent coupon equity-linked securities
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| Underlying funds: | Financial Select Sector SPDR Fund, SPDR S&P Bank ETF
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| Amount: | $2.18 million
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| Maturity: | Aug. 29, 2024
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| Contingent coupon: | 12% per year, payable quarterly if each fund closes at or above coupon barrier on related observation date
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| Price: | Par
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| 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
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| Call option: | In whole at par plus any coupon due on any quarterly valuation date after six months
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| Initial levels: | $34.23 for Financial, $49.43 for Bank
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| Coupon barrier levels: | $24.868 for Financial, $35.911 for Bank; 72.65% of initial levels
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| Final barrier levels: | $24.868 for Financial, $35.911 for Bank; 72.65% of initial levels
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| Equity ratios: | 29.21414 for Financial, 20.23063 for Bank; shares delivered per security
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| Pricing date: | Aug. 24
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| Settlement date: | Aug. 29
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 1.75%
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| Cusip: | 17330DJD9
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