By William Gullotti
Buffalo, N.Y., Feb. 14 – Citigroup Global Markets Holdings Inc. priced $11.85 million of contingent income callable securities due Feb. 8, 2024 linked to the performance of 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 annual rate of 8% if the index closes at or above its coupon barrier level, 75% of its initial index level, on the relevant observation date.
The notes are callable at par plus any coupon due on any contingent coupon payment date after six months.
If the notes have not been called, the payout at maturity will be par plus the final coupon unless the index finishes below its 75% downside threshold level. In that case, investors will lose 1% for every 1% decline of the index from its initial level.
Citigroup Global Markets Inc. is the underwriter with Morgan Stanley Wealth Management as a selected dealer.
Issuer: | Citigroup Global Markets Holdings Inc.
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Guarantor: | Citigroup Inc.
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Issue: | Contingent income callable securities
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Underlying index: | S&P 500 index
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Amount: | $11,849,000
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Maturity: | Feb. 8, 2024
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Coupon: | 8% per year, payable quarterly if the index closes at or above coupon barrier on the relevant observation date
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Price: | Par
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Payout at maturity: | Par plus the final coupon unless the index finishes below its downside threshold level; otherwise, investors will lose 1% for every 1% decline from initial level
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Call option: | At par plus any coupon due on any contingent coupon payment date after six months
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Initial level: | 4,500.53
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Coupon barrier: | 3,375.398; 75% of initial levels
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Downside threshold: | 3,375.398; 75% of initial levels
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Pricing date: | Feb. 4
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Settlement date: | Feb. 9
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Underwriter: | Citigroup Global Markets Inc.
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Selected dealer: | Morgan Stanley Wealth Management
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Fees: | 1.5%
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Cusip: | 17330AD41
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