By Wendy Van Sickle
Columbus, Ohio, Nov. 16 – Citigroup Global Markets Holdings Inc. priced $1.48 million of 0% autocallable securities due Nov. 16, 2023 linked to the worst performing of the iShares Silver trust and the SPDR Gold trust, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
If each ETF closes at or above its call level on any annual valuation date, the notes will be called at par plus a premium of 15% a year; the barrier level starts off at 100% of the initial level and steps down by 5% each year.
If each ETF finishes at or above 90% of its initial level, the payout will be par plus 45%. If the least performing ETF finishes below 90% of its initial level but not below its barrier level, 63% of the initial level, the payout will be par.
Otherwise, investors will receive a fixed number of underlying shares of the worst performing underlying on the final valuation date equal to its equity ratio.
Citigroup Global Markets Inc. is the agent.
| Issuer: | Citigroup Global Markets Holdings Inc.
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| Guarantor: | Citigroup Inc.
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| Issue: | Autocallable securities
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| Underlying ETFs: | iShares Silver trust and SPDR Gold trust
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| Amount: | $1,475,000
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| Maturity: | Nov. 16, 2023
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If each ETF finishes at or above 90% of its initial level, par plus 45%; if either ETF finishes below 90% of its initial level but not below 63% of initial level, par; otherwise, fixed number of underlying shares of the worst performing underlying on the final valuation date equal to its equity ratio
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| Call: | Automatically at par plus an annualized premium of 15% if each ETF closes at or above its autocall barrier level on any annual valuation date; the barrier level starts off at 100% of the initial level and steps down by 5% each year
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| Initial levels: | $22.52 for silver, $174.90 for gold
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| Barrier levels: | $14.188 for silver, $110.187for gold, 63% of initial levels
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| Equity ratios: | 44.40497 for silver, 5.71755 for gold
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| Pricing date: | Nov. 11
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| Settlement date: | Nov. 16
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| Agent: | Citigroup Global Markets Inc.
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| Fees: | 2.25%
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| Cusip: | 17324X5Y2
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