Citigroup plans contingent coupon notes linked to three ETFs

By Angela McDaniels

Tacoma, Wash., July 30 – Citigroup Global Markets Holdings Inc. plans to price callable contingent coupon equity-linked securities due Feb. 3, 2022 linked to the least performing of the Invesco QQQ Trust, Series 1, the iShares Russell 2000 exchange-traded fund and the SPDR Dow Jones Industrial Average ETF Trust, according to a 424B2 filing with the Securities and Exchange Commission.

Each quarter, the notes will pay a contingent coupon at the rate of 9% per year if the least-performing ETF closes at or above its barrier level, 75% of its initial share price, on the valuation date for that quarter.

The notes will be callable at par quarterly.

The payout at maturity will be par unless the least-performing ETF finishes below its barrier level, in which case the payout will be a number of shares of the least-performing ETF equal to $1,000 divided by that ETF’s initial share price or, at the issuer’s option, an amount in cash equal to the value of those shares.

The notes will be guaranteed by Citigroup Inc.

Citigroup Global Markets Inc. is the underwriter.

The notes are expected to price July 31.

The Cusip number is 17324XQM5.

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