By Wendy Van Sickle
Columbus, Ohio, Nov. 7 – Citigroup Global Markets Holdings Inc. priced $2 million of autocallable contingent coupon equity-linked securities due Nov. 3, 2026 linked to the lesser performing of the SPDR S&P Biotech exchange-traded fund and the Energy Select Sector SPDR fund, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a contingent coupon at the rate of 10.4% per year if the lesser-performing ETF closes at or above its coupon barrier value, 60% of its initial share price, on the valuation date for that quarter.
Starting in October 2020, the notes will be automatically called at par if the lesser-performing ETF closes at or above its initial share price on any quarterly valuation date.
The payout at maturity will be par unless the lesser-performing ETF finishes below its final barrier value, 60% of its initial share price, in which case investors will lose 1% for every 1% that the lesser-performing ETF declines from its initial level.
The notes are guaranteed by Citigroup Inc.
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: | Autocallable contingent coupon equity-linked securities
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| Underlying ETFs: | SPDR S&P Biotech ETF and Energy Select Sector SPDR fund
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| Amount: | $2 million
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| Maturity: | Nov. 3, 2026
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| Coupon: | 10.4% per year, payable quarterly if lesser-performing ETF closes at or above coupon barrier value on valuation date for that quarter
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| Price: | Par
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| Payout at maturity: | Par unless lesser-performing ETF finishes below final barrier value, in which case 1% loss for every 1% that lesser-performing ETF declines from initial level
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| Call: | Automatically at par if lesser-performing ETF closes at or above initial share price on any quarterly valuation date from October 2020
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| Initial share prices: | $82.22 for biotech ETF and $59.42 for energy fund
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| Coupon barriers: | $49.332 for biotech ETF and $35.652 for energy fund, or 60% of initial share prices
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| Barrier values: | $49.332 for biotech ETF and $35.652 for energy fund, or 60% of initial share prices
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| Pricing date: | Oct. 29
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| Settlement date: | Oct. 31
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 3.35%
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| Cusip: | 17327TMJ2
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