By Kiku Steinfeld
Chicago, May 10 – Citigroup Global Markets Holdings Inc. priced $2.5 million of callable contingent coupon equity-linked securities due April 28, 2026 linked to the worst performing of the Energy 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 will pay a contingent quarterly coupon at an annual rate of 9% if each asset closes at or above the coupon barrier price, 75% of the initial price, on the valuation date for that quarter.
The notes will be callable at par on any quarterly valuation date after one year.
If the notes are not called and each asset finishes at or above final barrier price, 50% of its initial level, the payout at maturity will be par plus the final coupon. Otherwise, investors will be exposed to the downside of the worst performer.
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: | Energy Select Sector SPDR fund and Russell 2000 index
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| Amount: | $2.5 million
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| Maturity: | April 28, 2026
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| Coupon: | 9% annualized rate, payable quarterly if each asset closes at or above coupon barrier price on valuation date for that quarter
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| Price: | Par
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| Payout at maturity: | Par plus contingent coupon if each asset closes at or above final barrier; otherwise, investors will be exposed to the downside of the worst performer
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| Call option: | Callable at par plus coupon if each asset closes at or above initial level on any quarterly valuation date after one year
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| Initial levels: | $47.54 for Energy and 2,271.856 for Russell
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| Coupon barrier levels: | $35.655 for Energy and 1,703.892 for Russell, 75% of initial levels
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| Final barrier levels: | $23.770 for Energy and 1,135.928 for Russell, 50% of initial levels
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| Pricing date: | April 23
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| Settlement date: | April 28
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 0.5%
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| Cusip: | 17329FLA0
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