By Wendy Van Sickle
Columbus, Ohio, April 3 – Citigroup Global Markets Holdings Inc. priced $2.01 million of barrier securities with upside reset feature due April 3, 2025 linked to 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 payout at maturity will be par plus the return of the fund if the final value is above the original upside barrier value. If the upside barrier value has been reset, and the fund closes above the reset barrier level, the payout at maturity will be par plus any positive return plus.
The payout will be par if the final value of the fund is less than or equal to the initial level and greater than the original 80% barrier or below 85% (because of the 15% additional reset addition) and above 80% if the barrier value has been reset.
If the final value is below 80% of its initial level, investors will receive 3.8219 shares of the fund or, at the issuer's election, the cash value of those shares. The upside barrier value will reset if the closing value falls below 85%, the reset barrier.
Citigroup Global Markets Inc. is the agent.
| Issuer: | Citigroup Global Markets Holdings Inc.
|
| Issue: | Barrier securities with upside reset feature
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| Underlier: | SPDR S&P 500 exchange-traded fund trust
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| Amount: | $2,005,000
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| Maturity: | April 3, 2025
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If fund never closes below 85% of initial value - par plus fund return if final level is greater than initial level; par if fund declines but finishes above 80% of initial value; full exposure to losses beyond 80% paid in shares or in cash; if fund every closes below 85% of initial value - par plus fund return plus 15% "buffer" if final value of fund is above 85% of initial level; par plus 15% "buffer" if fund closes below 85% of initial value and above 80% downside barrier, with a floor of par if fund closes below 85% of initial value; full exposure to losses beyond 80% downside barrier, payable in shares or cash
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| Initial level: | $261.65
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| Downside barrier level: | $209.32, 80% of initial level
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| Reset barrier value: | $222.403, 85% of initial level
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| Pricing date: | March 30
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| Settlement date: | April 2
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| Agent: | Citigroup Global Markets Inc.
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| Fees: | 3%
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| Cusip: | 17324XYA2
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