By Wendy Van Sickle
Columbus, Ohio, Dec. 14 – Citigroup Global Markets Holdings Inc. priced $1.5 million of callable contingent coupon equity-linked securities due Aug. 25, 2026 linked to the worst performing of the Energy Select Sector SPDR fund, the Materials Select Sector SPDR fund and the Consumer Discretionary Select Sector SPDR fund, 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 9% if each underlier closes at or above its coupon barrier level, 65% 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 call valuation date after six months.
If the notes have not been called, the payout at maturity will be par plus the final coupon if all underliers finish at or above the coupon barrier.
If the worst performer finishes below its coupon barrier but at or above the 65% barrier level, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% decline of the worst performer from its initial level.
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 assets: | Consumer Discretionary Select Sector SPDR fund, Energy Select Sector SPDR fund, Materials Select Sector SPDR fund
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| Amount: | $1.5 million
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| Maturity: | Aug. 25, 2026
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| Contingent coupon: | 9% per year, payable quarterly if each underlier 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 all underliers finish at or above coupon barrier, par plus final coupon; if the worst performer finishes below coupon barrier but at or above the 60% barrier level, 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 call valuation date after six months
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| Initial levels: | $177.62 for Consumer Discretionary, $45.89 for Energy, $83.78 for Materials
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| Coupon barrier levels: | $115.453 for Consumer Discretionary, $29.829 for Energy, $54.457 for Materials; 65% of initial levels
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| Barrier levels: | $115.453 for Consumer Discretionary, $29.829 for Energy, $54.457 for Materials; 65% of initial levels
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| Pricing date: | Aug. 20
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| Settlement date: | Aug. 25
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 0.5%
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| Cusip: | 17329QMR8
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