By Sarah Lizee
Olympia, Wash., June 4 – Citigroup Global Markets Holdings Inc. priced $499,000 of barrier securities with upside reset feature due June 3, 2022 linked to the SPDR Gold trust, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The upside barrier value will be the initial value of the fund unless a reset event has occurred, in which case the upside barrier value will be 90% of the initial fund value. A reset event will occur if on any trading day until May 28, 2021, the fund closes below 90% of its initial value.
If the final value of the fund is greater than the upside barrier value, the payout at maturity will be par plus the underlying upside return, capped at par plus 20% if a reset event has not occurred and par plus 30% if a reset event has occurred. The underlying upside return is (i) the final underlying value minus the upside barrier value, divided by (ii) the initial underlying value.
If the final value of the fund is less than or equal to the upside barrier value but greater than or equal to the downside barrier value, 80% of the initial fund value, investors will receive par.
If the final value of the fund is less than the downside barrier value, investors will receive 6.18353 shares or the cash value of those shares at the issuer’s option.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Global Markets Holdings Inc.
|
| Issue: | Barrier securities with upside reset feature
|
| Underlier: | SPDR Gold trust
|
| Amount: | $499,000
|
| Maturity: | June 3, 2022
|
| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | If final fund value is greater than upside barrier, par plus underlying upside return, capped at par plus 20% if a reset event has not occurred and par plus 30% if a reset event has occurred; if final value is less than or equal to upside barrier but greater than or equal to downside barrier, par; otherwise, 6.18353 shares or cash value
|
| Underlying upside return: | Final underlying value minus upside barrier value, divided by initial underlying value
|
| Initial level: | $161.72
|
| Barrier level: | $129.376, 80% of initial level
|
| Reset barrier value: | $145.548, 90% of initial level
|
| Pricing date: | May 28
|
| Settlement date: | June 2
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 1.75%
|
| Cusip: | 17324XB25
|
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