By Kiku Steinfeld
Chicago, May 27 – Citigroup Global Markets Holdings Inc. priced $580,000 of autocallable contingent coupon equity-linked securities due May 27, 2021 linked to the worst performing of the iShares Russell 2000 ETF and the SPDR S&P 500 ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The notes pay a quarterly contingent coupon at an annual rate of 8% if both ETFs close at or above their coupon barrier values, 65% of their initial levels, on the valuation date for that quarter.
The notes will be called at par if each asset closes at or above its initial level on any observation date.
The payout at maturity will be par plus the final coupon unless any asset finishes below the 65% final barrier value, in which case investors will receive a fixed number of shares of the worst performing asset equal to $1,000 divided by its initial share price or, if Citigroup prefers, the cash value of those shares.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Global Markets Holdings Inc.
|
| Guarantor: | Citigroup Inc.
|
| Issue: | Autocallable contingent coupon equity-linked securities
|
| Underlying assets: | iShares Russell 2000 ETF and the SPDR S&P 500 ETF
|
| Amount: | $580,000
|
| Maturity: | May 27, 2021
|
| Coupon: | 8% per year, payable quarterly if both ETFs close at or above their coupon barrier on the valuation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | If each asset finishes at or above final barrier, par plus coupon; otherwise, a fixed number of shares of worst performing asset equal to $1,000 divided by its initial share price or cash value
|
| Call: | At par plus the coupon if both assets close above their initial levels on a quarterly observation date
|
| Initial levels: | $130.06 for iShares Russell and $291.97 for SPDR S&P 500
|
| Coupon barrier values: | $84.539 for iShares Russell and $189.781for SPDR S&P 500; 65% of initial levels
|
| Final barrier values: | $84.539 for iShares Russell and $189.781for SPDR S&P 500; 65% of initial levels
|
| Pricing date: | May 20
|
| Settlement date: | May 28
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 1.8%
|
| Cusip: | 17324XZT0
|
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