By William Gullotti
Buffalo, N.Y., July 29 – Citigroup Global Markets Holdings Inc. priced $11.83 million of contingent income autocallable securities due July 26, 2024 linked to Wells Fargo & Co. stock, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 9.15% if the stock closes at or above the 80% downside threshold on the corresponding determination date.
The notes will be called at par plus the contingent coupon if the stock closes at or above its initial level on any quarterly determination date after six months.
The payout at maturity will be par unless the stock finishes below its 80% downside threshold, in which case investors will lose 1% for each 1% decline.
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 stock: | Wells Fargo & Co.
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Amount: | $11,830,040
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Maturity: | July 26, 2024
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Coupon: | 9.15% annualized, payable quarterly if stock closes at or above downside threshold level on the corresponding determination date
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Price: | Par
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Payout at maturity: | If stock finishes above downside threshold, par; otherwise, full exposure to decline
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Call: | At par plus contingent coupon if stock closes at or above initial level on any quarterly determination date after six months
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Initial share price: | $44.59
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Downside threshold: | $35.672; 80% of initial level
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Pricing date: | July 23
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Settlement date: | July 28
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Underwriter: | Citigroup Global Markets Inc. with Morgan Stanley Wealth Management as dealer
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Fees: | 2.5%
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Cusip: | 17329L200
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