By William Gullotti
Buffalo, N.Y., Dec. 16 – Citigroup Global Markets Holdings Inc. priced $2.2 million of callable contingent coupon equity-linked securities due Dec. 17, 2026 linked to the worst performing of Comerica Inc., JPMorgan Chase & Co. and Wells Fargo & Co., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The notes pay a contingent quarterly coupon at an annualized rate of 13.85% if each stock closes at or above its coupon barrier level, 70% of its initial level, on the valuation date for that period.
The notes will be callable in whole at par plus any coupon due on any quarterly valuation date .
If the notes are not redeemed early and each stock finishes above its coupon barrier, the payout at maturity will be par plus the final coupon.
If the worst performer finishes below its coupon barrier but at or above the 60% final barrier, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% that the least performing stock declines.
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: | Callable contingent coupon equity-linked securities
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| Underlying stocks: | Comerica Inc., JPMorgan Chase & Co., Wells Fargo & Co.
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| Amount: | $2,198,000
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| Maturity: | Dec. 17, 2026
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| Contingent coupon: | 13.85% per year, payable quarterly if each stock closes at or above coupon barrier on the valuation date for that period
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| Price: | Par
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| Payout at maturity: | If each stock finishes at or above coupon barrier, par plus final coupon; if the worst performer finishes below coupon barrier but at or above final barrier, par; otherwise, lose 1% for every 1% decline of the worst performer from its initial level
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| Call option: | In whole at par plus any coupon due on any quarterly valuation date
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| Initial levels: | $81.95 for Comerica, $157.92 for JPMorgan, $48.56 for Wells Fargo
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| Coupon barrier levels: | $57.365 for Comerica, $110.544 for JPMorgan, $33.992 for Wells Fargo; 70% of initial levels
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| Final barrier levels: | $49.17 for Comerica, $94.752 for JPMorgan, $29.136 for Wells Fargo; 60% of initial levels
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| Pricing date: | Dec. 13
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| Settlement date: | Dec. 16
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 3.7%
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| Cusip: | 17329UWX5
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