By William Gullotti
Buffalo, N.Y., May 27 – Citigroup Global Markets Holdings Inc. priced $7.29 million of trigger autocallable contingent yield notes due May 23, 2025 linked to the SPDR Dow Jones Industrial Average ETF Trust and the iShares Russell 2000 Value ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
Each quarter, the notes will pay a contingent coupon at an annualized rate of 10.5% if each fund closes at or above its coupon barrier, 70% of its initial value, on the observation date for that quarter.
The notes will be redeemed at par of $10 plus the coupon if both ETFs close at or above their initial values on any quarterly observation date after six months.
The payout at maturity will be par plus the coupon unless either ETF finishes below the 70% downside threshold, in which case investors will lose 1% for each 1% decline of the worst performing ETF from its initial value.
Citigroup Global Markets Inc. and UBS Financial Services Inc. are the agents.
| Issuer: | Citigroup Global Markets Holdings Inc.
|
| Guarantor: | Citigroup Inc.
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| Issue: | Trigger autocallable contingent yield notes
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| Underlying ETFs: | SPDR Dow Jones Industrial Average ETF Trust, iShares Russell 2000 Value ETF
|
| Amount: | $7,293,000
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| Maturity: | May 23, 2025
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| Coupon: | 10.5% per year, payable each quarter that each fund closes at or above coupon barrier on observation date for that quarter
|
| Price: | Par of $10
|
| Payout at maturity: | Par plus coupon if each ETF finishes at or above downside threshold; otherwise, 1% loss for each 1% decline of the worse performing underlier from initial value
|
| Call: | At par plus the coupon if both ETFs close at or above their initial values on any quarterly observation date after six months
|
| Initial value: | $312.42 for SPDR, $143.48 for iShares
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| Coupon barrier: | $218.69 for SPDR, $100.44 for iShares; 70% of initial value
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| Downside threshold: | $218.69 for SPDR, $100.44 for iShares; 70% of initial value
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| Pricing date: | May 20
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| Settlement date: | May 25
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| Agents: | Citigroup Global Markets Inc. and UBS Financial Services Inc.
|
| Fees: | None
|
| Cusip: | 17330M833
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