By Kiku Steinfeld
Chicago, June 1 – Citigroup Global Markets Holdings Inc. priced $4.4 million of autocallable contingent coupon equity-linked securities due Aug. 11, 2022 linked to the worse performing of the Invesco QQQ Trust, series 1 and the SPDR S&P 500 ETF trust, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The notes will pay a contingent monthly coupon at an annual rate of 6.5% if each underlying fund closes at or above the coupon barrier level, 75% of the initial level, on the valuation date for that period.
The notes will be automatically called at par plus the coupon if each underlying fund closes at or above its initial level, on any monthly valuation date after six months.
If the notes have not been called, the payout at maturity will be par unless any fund finishes below its initial level and any fund has closes below its 75% barrier level during the life of the notes, in which case investors will be fully exposed to the downside of the worst performer, payable in shares of the worse performer or cash at the issuer’s option.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Global Markets Holdings Inc.
|
| Guarantor: | Citigroup Inc.
|
| Issue: | Autocallable contingent coupon equity-linked securities
|
| Underlying funds: | Invesco QQQ Trust, series 1 and the SPDR S&P 500 ETF trust
|
| Amount: | $4,398,000
|
| Maturity: | Aug. 11, 2022
|
| Coupon: | 6.5% annualized rate, payable monthly if each underlying closes at or above coupon barrier level, on valuation date for that period
|
| Price: | Par
|
| Payout at maturity: | Par unless any fund closes below barrier level during life of notes and any fund finishes below initial level, in which case full exposure to downside of worse performer, payable either in shares or cash at issuer’s option
|
| Call: | Automatically at par plus coupon if each underlying closes at or above initial level on any monthly valuation date after six months
|
| Initial levels: | $334.20 for QQQ, $422.12 for S&P Trust
|
| Coupon barrier levels: | $250.650 for QQQ, $316.590 for S&P Trust; 75% of initial levels
|
| Barrier levels: | $250.650 for QQQ, $316.590 for S&P Trust; 75% of initial levels
|
| Equity ratios: | 2.99222 for QQQ, 2.36899 for S&P Trust
|
| Pricing date: | May 7
|
| Settlement date: | May 12
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 2.25%
|
| Cusip: | 17328NPU6
|
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