By Wendy Van Sickle
Columbus, Ohio, Jan. 29 – Citigroup Global Markets Holdings Inc. priced $3.28 million of callable contingent coupon equity-linked securities due Jan. 31, 2023linked to the least performing of the SPDR S&P Biotech ETF and the SPDR S&P Oil & Gas Exploration & Production 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 11.5% if each underlying asset closes at or above its coupon barrier level, 55% of its initial level, on the related quarterly observation date.
The notes will be callable in whole at par quarterly after six months.
If each asset finishes at or above its 55% barrier level, the payout at maturity will be par. Otherwise, investors will be fully exposed to the decline of the least-performing asset.
Citigroup Global Markets Inc. is the agent.
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 assets: | SPDR S&P Biotech ETF and SPDR S&P Oil & Gas Exploration & Production ETF
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Amount: | $3,277,000
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Maturity: | Jan. 31, 2023
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Contingent coupon: | 11.5% per year, payable each quarter that each underlying asset closes at or above coupon barrier on observation date for that quarter
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Price: | Par
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Payout at maturity: | If each asset finishes at or above final barrier, par; otherwise, full exposure to losses of least-performing asset
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Call option: | At par quarterly after six months
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Initial levels: | $90.75 for biotech, $20.44 for oil and gas
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Coupon barriers: | $49.913 for biotech, $11.242 for oil and gas; 55% of initial levels
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Final barriers: | $49.913 for biotech, $11.242 for oil and gas; 55% of initial levels
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Pricing date: | Jan. 24
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Settlement date: | Jan. 31
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Agent: | Citigroup Global Markets Inc.
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Fees: | 0%
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Cusip: | 17327TU79
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