By Sarah Lizee
Olympia, Wash., Aug. 6 – Citigroup Global Markets Holdings Inc. priced $1.13 million of contingent coupon autocallable notes due Feb. 4, 2021 linked to the lesser performing of the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
Each quarter, the notes pay a contingent coupon at the rate of 7.25% per year if each index closes at or above its coupon barrier level, 70% of its initial level, on the observation date for that quarter.
Beginning in January 2020, the notes will be automatically called at par if each index closes at or above its initial level on any quarterly observation date.
The payout at maturity will be par unless either index finishes below its initial level and either index has ever closed below its knock-in level, 70% of its initial level, during the life of the notes, in which case investors will lose 1% for every 1% decline of the lesser performing index.
Citigroup Global Markets Inc. is the agent.
| Issuer: | Citigroup Global Markets Holdings Inc.
|
| Guarantor: | Citigroup Inc.
|
| Issue: | Contingent coupon autocallable notes
|
| Underlying indexes: | S&P 500 and Russell 2000
|
| Amount: | $1,133,000
|
| Maturity: | Feb. 4, 2021
|
| Coupon: | Each quarter, notes pay contingent coupon at rate of 7.25% per year unless either index closes below coupon barrier level on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par unless either index finishes below its initial level and either index has ever closed below its knock-in level, 70% of its initial level, during the life of the notes, in which case investors will lose 1% for every 1% decline of the lesser performing index
|
| Call: | Beginning in January 2020, automatically at par if each index closes at or above initial level on any quarterly observation date
|
| Initial levels: | 2,980.38 for S&P 500 and 1,574.605 for Russell 2000
|
| Coupon barrier/knock-in level: | 2,086.266 for S&P 500 and 1,102.224 for Russell 2000; 70% of initial levels
|
| Pricing date: | July 31
|
| Settlement date: | Aug. 5
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 0.875%
|
| Cusip: | 17327TBV7
|
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