By Kiku Steinfeld
Chicago, March 17 – Citigroup Global Markets Holdings Inc. priced $1.56 million of autocallable contingent coupon equity-linked securities due March 13, 2025 linked to the worst performing of the iShares Russell 2000 exchange-traded fund and the SPDR S&P 500 exchange-traded fund trust, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The notes pay a semiannual contingent coupon at an annual rate of 6.7% if both ETFs close at or above their coupon barriers, 65% of their initial levels, on the valuation date for that period.
The notes will automatically be called at par plus the coupon if both ETFs close at or above their initial levels on any semiannual valuation date other than the final valuation date.
If the notes are not called and both ETFs finish at or above their 65% final barriers, investors will receive par plus the final coupon. Otherwise, the payout will be the final share price of the lesser-performing stock multiplied by its equity ratio or, at the issuer’s option, the cash value.
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: | Autocallable contingent coupon equity-linked securities
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| Underlying assets: | iShares Russell 2000 ETF and the SPDR S&P 500 ETF trust
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| Amount: | $1,555,000
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| Maturity: | March 13, 2025
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| Coupon: | 6.7% per year, payable semiannually if both ETFs close at or above their coupon barrier on valuation date for that period
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| Price: | Par
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| Payout at maturity: | If both ETFs finish at or above their coupon barrier levels, par plus coupon; otherwise, final share price of lesser-performing stock multiplied by its equity ratio or, at issuer’s option, cash value
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| Call: | At par plus final coupon if both ETFs close above their initial levels on a semiannual valuation date other than final one
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| Initial levels: | $147.32 for iShares Russell and $302.46 for SPDR S&P 500
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| Coupon/final barriers: | $95.758 for iShares Russell and $196.599 for SPDR S&P 500, 65% of initial levels
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| Equity ratios: | 6.78794 for iShares Russell and 3.30622 for SPDR S&P 500
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| Pricing date: | March 6
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| Settlement date: | March 13
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 2%
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| Cusip: | 17324XA75
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