By William Gullotti
Buffalo, N.Y., Dec. 31 – Citigroup Global Markets Holdings Inc. priced $2.24 million of autocallable contingent coupon equity-linked securities due Jan. 3, 2024 linked to the worst performing of the S&P 500 index and the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The notes will pay a contingent semiannual coupon at an annual rate of 5.25% if each index closes at or above the coupon barrier level, 70% of the initial level, on the valuation date for that period. Previously unpaid coupons, if any, will automatically be included whenever a coupon payment is made.
The notes will be automatically called at par plus the coupon if each index closes at or above its initial level, on any semiannual valuation date.
If the notes are not called and each index finishes at or above final barrier level, 70% of its initial level, the payout at maturity will be par plus the final coupon. Otherwise, investors will lose 1% for every 1% decline of the worst performer from its initial level.
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: | Autocallable contingent coupon equity-linked securities
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| Underlying indexes: | Dow Jones industrial average, S&P 500 index
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| Amount: | $2.24 million
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| Maturity: | Jan. 3, 2024
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| Coupon: | 5.25% annualized rate, payable semiannually if each index closes at or above coupon barrier level, on valuation date for that period; coupon payment events will automatically include any previously unpaid coupons
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| Price: | Par
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| Payout at maturity: | Par plus contingent coupon if each index closes at or above final barrier; otherwise, investors will lose 1% for every 1% decline of the worst performer from its initial level
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| Call: | Automatically at par plus coupon if each index closes at or above initial level on any semiannual valuation date
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| Initial levels: | 35,753.89 for Dow, 4,696.56 for S&P
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| Coupon barrier levels: | 25,027.723 for Dow, 3,287.592 for S&P; 70% of initial levels
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| Final barrier levels: | 25,027.723 for Dow, 3,287.592 for S&P; 70% of initial levels
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| Strike date: | Dec. 22
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| Pricing date: | Dec. 23
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| Settlement date: | Dec. 31
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 1.2%
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| Cusip: | 17329UVG3
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