By Kiku Steinfeld
Chicago, Dec. 30 – Citigroup Global Markets Holdings Inc. priced $790,000 of callable contingent coupon equity-linked securities due Dec. 4, 2023 linked to the least performing of the Invesco QQQ Trust, Series 1 and the SPDR S&P 500 ETF Trust, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
Each six months, the notes pay a contingent coupon at the rate of 6% per year if each fund closes at or above its coupon barrier level, 70% of its initial level, on the observation date for that period.
The notes may be called at par plus the coupon, if any, on any biannual observation date.
The payout at maturity will be par unless any fund finishes below its barrier level, 65% of its initial level, in which case investors will be fully exposed to the losses of the worst performer, payable either in shares or cash at the option of the issuer.
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: | Invesco QQQ Trust, Series 1 and SPDR S&P 500 ETF Trust
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Amount: | $790,000
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Maturity: | Dec. 4, 2023
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Coupon: | Each six months, payable at 6% per year unless any fund closes below coupon barrier level on observation date for that period
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Price: | Par
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Payout at maturity: | Par unless any fund finishes below its barrier level, in which case full exposure to losses of worst performer payable in shares or cash
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Call: | Par plus any coupon on any observation date
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Initial levels: | $296.28 for Invesco and $362.66 for SPDR
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Coupon barrier levels: | $207.396 for Invesco and $253.862 for SPDR; 70% of initial levels
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Final barrier levels: | $192.582 for Invesco and $235.729 for SPDR; 65% of initial levels
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Equity ratios: | 3.37519 for Invesco and 2.75740 for SPDR
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Pricing date: | Nov. 27
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Settlement date: | Dec. 4
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Underwriter: | Citigroup Global Markets Inc.
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Fees: | 2%
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Cusip: | 17328NBF4
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