New Issue: Citigroup sells $4.44 million equity-linked securities on two SPDR ETFs

By William Gullotti

Buffalo, N.Y., March 31 – Citigroup Global Markets Holdings Inc. priced $4.44 million of equity-linked securities due Sept. 29, 2022 tied to the least performing of the shares of SPDR Dow Jones Industrial Average ETF Trust and 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 carry a coupon of 4.5% per year, payable monthly.

If each ETF finishes at or above 80% of its initial level, the payout at maturity will be par. Otherwise, investors will receive a number of shares of the worst performer equal to $1,000 divided by that ETF’s initial share price or the cash equivalent at the issuer’s discretion.

Citigroup Global Markets Inc. is the underwriter.

Issuer:	Citigroup Global Markets Holdings Inc.
Guarantor:	Citigroup Inc.
Issue:	Equity-linked securities
Underlying ETFs:	SPDR Dow Jones Industrial Average ETF Trust, SPDR S&P 500 ETF Trust
Amount:	$4,435,000
Maturity:	Sept. 29, 2022
Coupon:	4.5% per year, payable monthly; 2.25% for term of securities
Price:	Par
Payout at maturity:	If each ETF finishes at or above barrier, par; otherwise, investors will receive shares of the worst performer or the cash equivalent at the issuer’s discretion
Initial levels:	$348.54 for Dow, $452.69 for S&P
Barrier levels:	$278.832 for Dow, $362.152 for S&P; 80% of initial levels
Physical delivery:	2.86911 for Dow, 2.20902 for S&P; share delivery per note
Pricing date:	March 25
Settlement date:	March 30
Underwriter:	Citigroup Global Markets Inc.
Fees:	0.75%
Cusip:	17328NY28

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