By Kiku Steinfeld
Chicago, May 31 – Citigroup Global Markets Holdings Inc. priced $655,000 of callable contingent coupon equity-linked securities due Nov. 5, 2024 linked to 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 quarterly coupon at an annualized rate of 5% if the ETF closes at or above the coupon barrier level, 65% of the initial level, on the valuation date for that period.
The notes are callable at par plus the contingent coupon on any quarterly call valuation date.
If the notes are not called, the payout at maturity will be par unless the ETF finishes below the 65% barrier level, in which case investors will be exposed the loss of the ETF from the initial level, payable in 2.18188 shares or cash at the issuer’s option.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Global Markets Holdings Inc.
|
| Guarantor: | Citigroup Inc.
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| Issue: | Callable contingent coupon equity-linked securities
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| Underlying ETF: | SPDR S&P 500 ETF trust
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| Amount: | $655,000
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| Maturity: | Nov. 5, 2024
|
| Coupon: | 5% per year, payable quarterly if ETF closes at or above coupon barrier on valuation date for that period
|
| Price: | Par
|
| Payout at maturity: | Par unless ETF finishes below barrier level, in which case 2.18188 shares or cash at the issuer’s option
|
| Call: | At par plus contingent coupon on any quarterly call valuation date
|
| Initial level: | $458.32
|
| Coupon barrier level: | $297.908, 65% of initial level
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| Barrier level: | $297.908, 65% of initial level
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| Strike date: | Oct. 28, 2021
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| Pricing date: | Oct. 29, 2021
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| Settlement date: | Nov. 5, 2021
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 1%
|
| Cusip: | 17328NJ90
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