Published on 2/14/2024 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $244,000 autocallable securities linked to Nasdaq, Russell
Chicago, Feb. 14 – Citigroup Global Markets Holdings Inc. priced $244,000 of 0% autocallable securities due Jan. 4, 2027 linked to the worst performing of the Nasdaq-100 index and Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The securities will be called automatically starting on Jan. 6, 2025 with a premium of an 11.25% annual rate if the worst performing index closes above its call level and on any subsequent quarterly review date. The call level is initially 100% of the initial level, reduced to 95% of the initial level for the next four call dates and further reduces to 90%.
If the worst performing index finishes above 90% of its initial level, the payout at maturity will be par plus the 33.75% premium for the final valuation date. Investors will receive par if the worst performing index declines more than 10% but ends above the 70% barrier and will lose 1% for every 1% that the worst performing index declines if it finishes below its barrier.
The notes are guaranteed by Citigroup Inc.
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: | Autocallable securities
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Underlying indexes: | Nasdaq-100 index and Russell 2000 index
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Amount: | $244,000
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Maturity: | Jan. 4, 2027
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | If worst performing index finishes at or above 90% of its initial value, par plus 33.75% premium for final valuation date; par if worst performing index declines more than 10% but finishes at or above its 70% barrier; otherwise, 1% loss for every 1% that worst performing index declines
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Call: | Automatically starting on Jan. 6, 2025 with a premium of a 11.25% annual rate if the worst performing index closes above its call value and on any subsequent quarterly review date; call level is initially 100% of the initial level, reduced to 95% of the initial level for the next four call dates and further reduces to 90%.
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Initial levels: | 16,825.93 for Nasdaq, 2,027.074 for Russell
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Final barriers: | 11,778.151 for Nasdaq, 1,418.952 for Russell, 70% of initial levels
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Pricing date: | Dec. 29, 2023
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Settlement date: | Jan. 4, 2024
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Agent: | Citigroup Global Markets Inc.
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Fees: | 0%
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Cusip: | 17291TZY7
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