By Angela McDaniels
Tacoma, Wash., Oct. 18 – Citigroup Global Markets Holdings Inc. priced $590,000 of autocallable contingent coupon equity-linked securities due April 21, 2027 linked to the lesser performing of the SPDR S&P Oil & Gas Exploration & Production exchange-traded fund and the VanEck Vectors Gold Miners exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
Each month, the notes pay a contingent coupon at the rate of 12.6% per year if the lesser-performing ETF closes at or above its coupon barrier value, 70% of its initial share price, on the valuation date for that month.
From October 2020 to March 2027, the notes will be automatically called at par if the lesser-performing ETF closes at or above its initial share price on any monthly valuation date.
The payout at maturity will be par unless the lesser-performing ETF finishes below its final barrier value, 80% of its initial share price, in which case investors will lose 1% for every 1% that the lesser-performing ETF declines beyond 20%.
The notes are guaranteed by Citigroup Inc.
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 ETFs: | SPDR S&P Oil & Gas Exploration & Production ETF and VanEck Vectors Gold Miners ETF
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Amount: | $590,000
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Maturity: | April 21, 2027
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Coupon: | 12.6% per year, payable monthly if lesser-performing ETF closes at or above coupon barrier value on valuation date for that month
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Price: | Par
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Payout at maturity: | Par unless lesser-performing ETF finishes below final barrier value, in which case 1% loss for every 1% that lesser-performing ETF declines beyond 20%
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Call: | Automatically at par if lesser-performing ETF closes at or above initial share price on any monthly valuation date from October 2020 to March 2027
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Initial share prices: | $20.85 for oil ETF and $26.71 for gold ETF
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Coupon barriers: | $14.595 for oil ETF and $18.697 for gold ETF, or 70% of initial share prices
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Barrier values: | $16.680 for oil ETF and $21.368 for gold ETF, or 80% of initial share prices
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Pricing date: | Oct. 16
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Settlement date: | Oct. 21
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Underwriter: | Citigroup Global Markets Inc.
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Fees: | 3.85%
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Cusip: | 17327TPK6
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