By William Gullotti
Buffalo, N.Y., May 4 – Citigroup Global Markets Holdings Inc. priced $1.37 million of autocallable contingent coupon equity-linked securities due July 31, 2023 linked to the worst performing of the iShares Russell 2000 ETF 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 8% if each ETF closes at or above the coupon barrier level, 80% of the initial level, on the valuation date for that period.
The notes will be automatically called at par plus the coupon if each ETF closes at or above its initial level, on any monthly valuation date after six months.
If the notes have not been called and each ETF finishes at or above its 80% final barrier, the payout at maturity will be par plus the final coupon.
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 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: | SPDR S&P 500 ETF Trust, iShares Russell 2000 ETF
|
| Amount: | $1,365,000
|
| Maturity: | July 31, 2023
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| Coupon: | 8% annualized rate, payable monthly if each ETF closes at or above coupon barrier level, on valuation date for that period
|
| Price: | Par
|
| Payout at maturity: | If each ETF finishes at or above final barrier, par plus final coupon; 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 option
|
| Call: | Automatically at par plus coupon if each ETF closes at or above initial level on any monthly valuation date after six months
|
| Initial levels: | $416.10 for SPDR, $187.74 for iShares
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| Coupon barrier levels: | $332.88 for SPDR, $150.192 for iShares; 80% of initial levels
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| Final barrier levels: | $332.88 for SPDR, $150.192 for iShares; 80% of initial levels
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| Equity ratios: | 2.40327 for SPDR, 5.32652 for iShares; shares per security
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| Pricing date: | April 26
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| Settlement date: | April 29
|
| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 2.25%
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| Cusip: | 17328N4S4
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