Citi plans to price callable contingent coupon equity notes on gold miners, silver ETFs

By Emma Trincal

New York, April 9 – Citigroup Global Markets Holdings Inc. plans to price callable contingent coupon equity-linked securities due April 13, 2023 linked to the worst performing of iShares Silver Trust and the VanEck Vectors Gold Miners exchange-traded 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 11% if each ETF closes at or above its coupon barrier level, 75% 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 after six months.

If the notes are not redeemed early, the payout will be par unless any ETF finishes below 75% of its initial level, in which case investors will lose 1% for every 1% that the least performing ETF declines, payable in either shares of the worst performer or cash at the issuer’s option.

Citigroup Global Markets Inc. is the underwriter.

The notes were expected to price on April 9 and settle on April 14.

The Cusip is 17328NNB0.

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