By William Gullotti
Buffalo, N.Y., Nov. 17 – Citigroup Global Markets Holdings Inc. priced $1.09 million of callable contingent coupon equity-linked securities due Aug. 8, 2022 linked to the worst performing of the Invesco QQQ Trust, Series 1 and the SPDR S&P Metals & Mining 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 16.7% if each ETF closes at or above its coupon barrier level, 80% of its initial level, on the related observation date.
The notes will be callable in whole, at the option of the issuer, at par plus any coupon due on any quarterly valuation date.
If the notes are not redeemed early, the payout will be par plus the final coupon if each ETF finishes at or above 80% of its initial level. Otherwise, investors will receive a number of shares of the worst performer equal to $1,000 divided by its initial level or, at the issuer’s option, the cash equivalent.
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, SPDR S&P Metals & Mining ETF
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| Amount: | $1,094,000
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| Maturity: | Aug. 8, 2022
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| Contingent coupon: | 16.7% per year, payable quarterly if each fund closes at or above coupon barrier on related observation date
|
| Price: | Par
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| Payout at maturity: | Par plus coupon if each ETF finishes at or above its final barrier; otherwise, investors will receive a number of shares equal to the worst performer’s equity ratio or cash at the issuer’s option
|
| Call option: | In whole at par plus any coupon due on any quarterly valuation date
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| Initial levels: | $366.81 for QQQ, $44.74 for SPDR
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| Coupon barrier levels: | $293.448 for QQQ, $35.792 for SPDR; 80% of initial levels
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| Final barrier levels: | $293.448 for QQQ, $35.792 for SPDR; 80% of initial levels
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| Equity ratios: | 2.72621 for QQQ, 22.35136 for SPDR; shares delivered per security
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| Pricing date: | Aug. 3
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| Settlement date: | Aug. 6
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 1%
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| Cusip: | 17328NXG8
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