By Wendy Van Sickle
Columbus, Ohio, July 12 – Citigroup Global Markets Holdings Inc. priced $597,000 of autocallable contingent coupon equity-linked securities due May 31, 2024 linked to the worst performing of the SPDR S&P Biotech ETF and the SPDR S&P Regional Banking ETF, 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 10.25% if each underlying fund closes at or above the coupon barrier level, 75% of the initial level, on the valuation date for that period.
The notes will be automatically called at par plus the coupon if each underlying fund closes at or above its initial level on any quarterly valuation date.
If the notes have not been called, the payout at maturity will be par unless any fund finishes below its 75% barrier level, in which case investors will be exposed to the loss of the laggard ETF.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Global Markets Holdings Inc.
|
| Guarantor: | Citigroup Inc.
|
| Issue: | Autocallable contingent coupon equity-linked securities
|
| Underlying funds: | SPDR S&P Biotech ETF, SPDR S&P Regional Banking ETF
|
| Amount: | $597,000
|
| Maturity: | May 31, 2024
|
| Coupon: | 10.25% annualized rate, payable quarterly if each underlying closes at or above coupon barrier level, on valuation date for that period
|
| Price: | Par
|
| Payout at maturity: | Par unless any fund finishes below barrier level, in which case exposure to loss of laggard ETF
|
| Call: | Automatically at par plus coupon if each underlying closes at or above initial level on any quarterly valuation date
|
| Initial levels: | $124.26 for SPDR S&P Biotech, $68.47 for SPDR S&P Regional Banking
|
| Coupon barrier levels: | $93.195 for SPDR S&P Biotech, $51.353 for SPDR S&P Regional Banking; 75% of initial levels
|
| Barrier levels: | $93.195 for SPDR S&P Biotech, $51.353 for SPDR S&P Regional Banking; 75% of initial levels
|
| Pricing date: | May 25
|
| Settlement date: | May 28
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 2.5%
|
| Cusip: | 17329FHC1
|
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