By Taylor Fox
New York, Nov. 23 – Citigroup Global Markets Holdings Inc. priced $2 million of callable contingent coupon equity-linked securities due Nov. 20, 2023 linked to the worst performing of the shares of the VanEck Vectors Gold Miners ETF and the iShares Silver Trust, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The notes pay a contingent monthly coupon at an annualized rate of 14% if each index 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 monthly potential redemption date after six months.
If the notes are not redeemed early, the payout will be par plus the final coupon unless any index finishes below 70% of its initial level, in which case investors will lose 1% for every 1% that the least performing index 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 funds: | VanEck Vectors Gold Miners ETF and iShares Silver Trust
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| Amount: | $2 million
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| Maturity: | Nov. 20, 2023
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| Coupon: | 14% per year, payable monthly if each index closes at or above its coupon barrier level, 70% of its initial level, on the valuation date for that period
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| Price: | Par
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| Payout at maturity: | Par plus final coupon unless shares of worst performer finish below barrier level, in which case exposure to decline of worst performer from initial level
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| Call: | At par plus contingent coupon if closing share price of worst performer is greater than or equal to initial share price on any monthly potential redemption date after six months
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| Initial share prices: | $22.55 for silver and $37.49 for gold
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| Coupon barrier prices: | $15.785 for silver and $26.243 for gold, 70% of initial share price
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| Barrier levels: | $15.785 for silver and $26.243 for gold, 70% of initial share price
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| Pricing date: | Nov. 13
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| Settlement date: | Nov. 20
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 1.5%
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| Cusip: | 17328WWZ7
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