Kiku Steinfeld
Chicago, July 6 – Citigroup Global Markets Holdings Inc. priced $1.95 million of callable contingent coupon equity-linked securities due May 30, 2023 linked to the lesser performing of the iShares Silver trust and the VanEck Vectors Gold Miners ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at annual rate of 11.9% if each ETF closes at or above its coupon barrier, 75% of its initial level, on the observation date for that period.
The notes will be callable at par plus any coupon due on any quarterly call valuation date.
The payout at maturity will be par unless any underlier finishes below the 75% final barrier value, in which case investors will receive a fixed number of shares of the worst performing ETF equal to its equity ratio or, if the issuer prefers, the cash value of those shares.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Global Markets Holdings Inc.
|
| Issue: | Callable contingent coupon equity-linked securities
|
| ETFs: | iShares Silver trust and VanEck Vectors Gold Miners ETF
|
| Amount: | $1,952,000
|
| Maturity: | May 30, 2023
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| Coupon: | 11.9%, payable quarterly if each ETF closes at or above coupon barrier on observation date
|
| Price: | Par
|
| Call option: | At par plus any coupon due on any quarterly call valuation date
|
| Payout at maturity: | Par if both ETFs finish above barrier levels; otherwise, a fixed number of shares of the worst performing ETF equal to its equity ratio or cash value
|
| Initial levels: | $25.75 for silver and $39.43 for gold
|
| Coupon barriers: | $19.313 for silver and $29.573 for gold, 75% of initial levels
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| Barrier values: | $19.313 for silver and $29.573 for gold, 75% of initial levels
|
| Equity ratios: | 38.83495 for silver and 25.36140 for gold
|
| Pricing date: | May 24
|
| Settlement date: | May 27
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 1.75%
|
| Cusip: | 17328NQS0
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