By Kiku Steinfeld
Chicago, March 10 – Citigroup Global Markets Holdings Inc. priced $72,000 of market-linked securities due Sept. 19, 2023 – autocallable with contingent coupon and contingent downside linked to the least performing of the SPDR S&P Biotech exchange-traded fund and the SPDR S&P Oil & Gas Exploration & Production exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 13.5% if each fund closes at or above its 70% coupon threshold on the observation date for that period.
The notes will be called at par plus coupon if each fund closes at or above its initial level on any quarterly observation date after six months.
The payout at maturity will be par unless any fund finishes below its 70% downside threshold, in which case the payout will be par plus the return of the worst performing fund with full exposure to any losses.
Citigroup Global Markets Inc. is the lead agent and Wells Fargo Securities, LLC is the agent.
| Issuer: | Citigroup Global Markets Holdings Inc.
|
| Guarantor: | Citigroup Inc.
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| Issue: | Market linked securities – autocallable with contingent coupon and contingent downside
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| Underlying funds: | SPDR S&P Biotech ETF and SPDR S&P Oil & Gas Exploration & Production ETF
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| Amount: | $72,000
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| Maturity: | Sept. 19, 2023
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| Coupon: | 13.5% annualized, payable quarterly if each fund closes at or above coupon threshold on observation date for that period
|
| Price: | Par
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| Payout at maturity: | Par unless any fund falls below downside threshold, in which case 1% loss per 1% decline of the worst performing fund from its initial level
|
| Call: | At par plus coupon if each fund closes at or above its initial level on any interest payment date after six months
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| Initial levels: | $128.99 for biotech and $84.94 for oil & gas
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| Coupon thresholds: | $90.293 for biotech and $59.458 for oil & gas; 70% of initial levels
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| Downside thresholds: | $90.293 for biotech and $59.458 for oil & gas; 70% of initial levels
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| Pricing date: | Sept. 14
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| Settlement date: | Sept. 17
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| Agents: | Citigroup Global Markets Inc. as lead agent and Wells Fargo Securities, LLC as agent
|
| Fees: | 1.825%
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| Cusip: | 17329QSD3
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