Chicago, Sept. 19 – Citigroup Global Markets Holdings Inc. priced $10 million of contingent income autocallable securities due Sept. 1, 2023 linked to the SPDR S&P 500 ETF Trust, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 11.65% if the ETF closes at or above the 85% downside threshold on the corresponding determination date. Previously unpaid coupons, if any, will be automatically included whenever a coupon is paid.
The notes will be called at par plus the contingent coupon if the ETF closes at or above its initial level on any quarterly determination date.
The payout at maturity will be par plus the final coupon unless the ETF finishes below its 85% downside threshold, in which case investors will be exposed to the losses of the ETF, payable as 2.90264 shares or cash at the issuer’s option.
The notes are guaranteed by Citigroup Inc.
Citigroup Global Markets Inc. is the underwriter. Morgan Stanley Wealth Management is a selected dealer.
| Issuer: | Citigroup Global Markets Holdings Inc.
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| Guarantor: | Citigroup Inc.
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| Issue: | Contingent income autocallable securities
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| Underlying fund: | SPDR S&P 500 ETF Trust
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| Amount: | $10 million
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| Maturity: | Sept. 1, 2023
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| Coupon: | 11.65% annualized, payable quarterly if ETF closes at or above downside threshold level on the corresponding determination date; coupon payment events will automatically include any previously unpaid coupons
|
| Price: | Par
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| Payout at maturity: | If ETF finishes at or above downside threshold, par plus all unpaid coupons; otherwise, full exposure to losses payable as cash or shares at option of issuer
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| Call: | At par plus contingent coupon if ETF closes at or above initial level on any quarterly determination date
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| Initial share price: | $405.31
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| Downside threshold: | $344.514; 85% of initial level
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| Strike date: | Aug. 26
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| Pricing date: | Aug. 29
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| Settlement date: | Sept. 1
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| Underwriter: | Citigroup Global Markets Inc. with Morgan Stanley Wealth Management as dealer
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| Fees: | 0.2%
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| Cusip: | 17330DEU6
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