By Kiku Steinfeld
Chicago, Dec. 21 – Citigroup Global Markets Holdings Inc. priced $400,000 of autocallable contingent coupon equity-linked securities due Aug. 29, 2024 linked to the worst performing of the stocks of Bank of America Corp., Morgan Stanley 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 7% if each stock closes at or above its coupon barrier price, 80% 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 after six months.
If the notes are not called and each stock finishes at or above its final barrier price, 60% 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.
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: | Bank of America Corp., Morgan Stanley and Wells Fargo & Co.
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| Amount: | $400,000
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| Maturity: | Aug. 29, 2024
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| Coupon: | 7% 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
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| Call: | Automatically at par if each stock closes at or above initial level on any quarterly valuation date after six months
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| Initial share prices: | $42.49 for BofA, $105.45 for Morgan Stanley and $49.81 for Wells
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| Coupon barrier prices: | $33.992 for BofA, $84.360 for Morgan Stanley and $39.848 for Wells; 80% of initial share prices
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| Final barrier prices: | $25.494 for BofA, $63.270 for Morgan Stanley and $29.886 for Wells; 60% of initial share prices
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| Pricing date: | Aug. 27
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| Settlement date: | Aug. 31
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 2.75%
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| Cusip: | 17329QQ52
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