By William Gullotti
Buffalo, N.Y., May 19 – Citigroup Global Markets Holdings Inc. priced $3.04 million of callable contingent coupon equity-linked securities due April 13, 2023 linked to the worst performing of the iShares Silver Trust and the VanEck Vectors Gold Miners ETF, 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 asset closes at or above its coupon barrier level, 75% of its initial level, on the related observation date.
The notes will be callable in whole at par plus any coupon due on any quarterly valuation date after Oct. 8.
If the notes are not redeemed early, the payout will be par plus the final coupon unless any asset finishes below 75% of its initial level, in which case investors will lose 1% for every 1% that the least performing asset declines, payable either in shares or cash at the issuer’s option.
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: | iShares Silver Trust, VanEck Vectors Gold Miners ETF
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Amount: | $3,036,000
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Maturity: | April 13, 2023
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Contingent coupon: | 11% per year, payable quarterly if each fund closes at or above coupon barrier on related observation date
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Price: | Par
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Payout at maturity: | Par plus coupon unless any asset finishes below final barrier level, in which case investors will lose 1% for every 1% that the least performing asset declines, payable in shares or cash at the issuer’s option
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Call option: | In whole at par plus any coupon due on any quarterly valuation date after Oct. 8.
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Initial levels: | $23.41 for iShares, $34.73 for VanEck
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Coupon barriers: | $17.558 for iShares, $26.048 for VanEck; 75% of initial levels
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Barrier levels: | $17.558 for iShares, $26.048 for VanEck; 75% of initial levels
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Pricing date: | April 9
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Settlement date: | April 14
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Underwriter: | Citigroup Global Markets Inc.
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Fees: | 1.75%
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Cusip: | 17328NNB0
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