By Kiku Steinfeld
Chicago, Dec. 2 – Citigroup Global Markets Holdings Inc. priced $1.23 million of autocallable contingent coupon equity-linked securities due Feb. 21, 2023 linked to the worst performing of the stocks of Capital One Financial Corp., Discover Financial Services and Wells Fargo & Co., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The notes will pay a contingent quarterly coupon at an annual rate of 10% if each stock closes at or above its coupon barrier price, 65% of its initial share price, on the valuation date for that period. Unpaid coupons, if any, will be paid any time a contingent coupon payment is made.
The notes will be automatically called at par if each stock closes at or above its initial share price on any quarterly valuation date.
If the notes are not called and each stock finishes at or above its final barrier price, 65% of its initial share price, the payout at maturity will be par. Otherwise, investors will be fully exposed to the losses of the worst performer, payable in shares or cash at the issuer’s option.
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 stocks: | Capital One Financial Corp., Discover Financial Services and Wells Fargo & Co.
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| Amount: | $1.23 million
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| Maturity: | Feb. 21, 2023
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| Coupon: | 10% annualized rate, payable quarterly plus any previously unpaid coupons if each stock closes at or above coupon barrier price on valuation date for that period
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| Price: | Par
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| Payout at maturity: | Par if each stock closes at or above final barrier price; otherwise, full exposure to losses of worst performer, payable in either shares or cash at issuer’s option
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| Call: | Automatically at par if each stock closes at or above initial level on any quarterly valuation date
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| Initial share prices: | $170.67 for Capital One, $132.04 for JPMorgan and $49.63 for Wells
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| Coupon barrier prices: | $110.936 for Capital One, $85.826 for JPMorgan and $32.260 for Wells; 65% of initial share prices
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| Final barrier prices: | $110.936 for Capital One, $85.826 for JPMorgan and $32.260 for Wells; 65% of initial share prices
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| Equity ratios: | 5.85926 for Capital One, $85.826 for JPMorgan and 20.14910 for Wells
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| Pricing date: | Aug. 11
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| Settlement date: | Aug. 18
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 1.8%
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| Cusip: | 17328NXJ2
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