By Wendy Van Sickle
Columbus, Ohio, May 27 – Citigroup Global Markets Holdings Inc. priced $1.74 million of callable contingent coupon equity-linked securities due May 26, 2022, linked to the worst performing of the Utilities Select Sector SPDR fund and the S&P 500 index, 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 11.3% if each asset closes at or above its coupon barrier level, 65% of its initial level, on the valuation date for that period.
The notes will be callable in whole at par plus any coupon due on any valuation date after six months.
If each asset finishes at or above its final barrier level, 65% of its initial level, the payout at maturity will be par plus the coupon. Otherwise, investors will be fully exposed to the decline of the least-performing asset.
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: | S&P 500 index, Utilities Select Sector SPDR fund
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Amount: | $1.74 million
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Maturity: | May 26, 2022
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Contingent coupon: | 11.3% per year, payable quarterly if each asset closes at or above coupon barrier on the valuation date for that period
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Price: | Par
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Payout at maturity: | If each asset finishes at or above final barrier, par plus coupon; otherwise, full exposure to losses of least-performing asset
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Call option: | In whole at par plus any coupon due on any valuation date after six months
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Initial levels: | $55.86 for fund, 2,948.51 for S&P
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Coupon barriers: | $36.309 for fund, 1,916.532 for S&P; 65% of initial levels
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Final barriers: | $36.309 for fund, 1,916.532 for S&P; 65% of initial levels
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Pricing date: | May 21
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Settlement date: | May 27
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Underwriter: | Citigroup Global Markets Inc.
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Fees: | 1.75%
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Cusip: | 17328VRJ1
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