Chicago, Jan. 8 – Citigroup Global Markets Holdings Inc. priced $3.4 million of contingent income callable securities due Dec. 26, 2024 linked to the worst performing of the Financial Select Sector SPDR fund, the Industrial Select Sector SPDR fund and the Technology Select Sector SPDR fund, according to a 424B2 filing with the Securities and Exchange Commission.
If each fund closes at or above its downside threshold level, 67% of its initial share price, on a quarterly determination date, the notes will pay a contingent payment that quarter at an annualized rate of 7.5%.
Beginning in December 2020 and ending in September 2024, the notes will be called at par of $10 plus the contingent coupon if each fund closes at or above its initial share price on any quarterly determination date.
If each fund’s final share price is greater than or equal to its downside threshold level, the payout at maturity will be par plus the final contingent coupon. Otherwise, investors will lose 1% for every 1% that the worst-performing fund’s final share price is less than its initial share price.
The notes will be guaranteed by Citigroup Inc.
Citigroup Global Markets Inc. is the agent. Morgan Stanley Smith Wealth Management is a dealer.
| Issuer: | Citigroup Global Markets Holdings Inc.
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| Guarantor: | Citigroup Inc.
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| Issue: | Contingent income callable securities
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| Underlying funds: | Financial Select Sector SPDR fund, the Industrial Select Sector SPDR fund and the Technology Select Sector SPDR fund
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| Amount: | $3,404,000
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| Maturity: | Dec. 26, 2024
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| Coupon: | 7.5% per year, payable for each quarter that each fund closes at or above coupon barrier on relevant determination date
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| Price: | Par of $10
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| Payout at maturity: | If each fund finishes at or above downside threshold, par plus final contingent coupon; if final level of any fund is less than downside threshold level, full exposure to decline of lowest-performing fund
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| Call: | At par of $10 plus coupon if each fund closes at or above its initial share price on any quarterly determination date beginning in December 2020 and ending in September 2024
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| Initial levels: | $30.68 for Financial, $81.44 for Industrial and $90.95 for Technology
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| Downside thresholds: | $20.556 for Financial, $54.565 for Industrial and $60.937 for Technology; 67% of initial levels
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| Pricing date: | Dec. 20
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| Settlement date: | Dec. 26
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| Agent: | Citigroup Global Markets Inc.
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| Dealer: | Morgan Stanley Wealth Management
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| Fees: | 3%
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| Cusip: | 17327U202
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