By William Gullotti
Buffalo, N.Y., June 21 – Citigroup Global Markets Holdings Inc. priced $4 million of callable contingent coupon equity-linked securities due June 21, 2024 linked to the performance of 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 pay a contingent quarterly coupon at an annualized rate of 8.75% if the ETF closes at or above its coupon barrier level, 60% of its initial level, on the related observation date.
The notes will be callable in whole, at the option of the issuer, at par plus any coupon due on any quarterly valuation date.
If the notes are not redeemed early and the ETF finishes at or above 60% of its initial level, the payout will be par plus the final coupon.
Otherwise, investors will receive a number of shares equal to $1,000 divided by the initial level or, at the issuer’s option, the cash equivalent.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Global Markets Holdings Inc.
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| Guarantor: | Citigroup Inc.
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| Issue: | Callable contingent coupon equity-linked securities
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| Underlying fund: | SPDR S&P 500 ETF Trust
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| Amount: | $4 million
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| Maturity: | June 21, 2024
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| Contingent coupon: | 8.75% per year, payable quarterly if the fund closes at or above coupon barrier on related observation date
|
| Price: | Par
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| Payout at maturity: | Par plus coupon if the ETF finishes at or above final barrier, par plus final coupon; otherwise, receive 2.54766 shares per security or, at the issuer’s option, the cash equivalent
|
| Call option: | In whole at par plus any coupon due on any quarterly valuation date
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| Initial level: | $392.5168
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| Coupon barrier level: | $235.51; 60% of initial level
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| Final barrier level: | $235.51; 60% of initial level
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| Strike date: | June 10
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| Pricing date: | June 13
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| Settlement date: | June 21
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 0.5%
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| Cusip: | 17330DHB5
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