Published on 11/22/2022 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $675,000 0% buffer securities on SPDR S&P
By Kiku Steinfeld
Chicago, Nov. 22 – Citigroup Global Markets Holdings Inc. priced $675,000 of 0% buffer securities due Sept. 26, 2024 linked to the SPDR S&P 500 ETF Trust, according to a 424B2 filing with the Securities and Exchange Commission.
If the ETF gains, the payout at maturity will be par plus 200% of the ETF return subject to a maximum return of par plus 23%. Investors will receive par if the ETF declines but ends above the 10% buffer. Investors will lose 1% for every 1% that the ETF declines beyond the buffer, payable in shares or cash at option of the issuer.
The notes are guaranteed by Citigroup Inc.
Citigroup Global Markets Inc. is the agent.
| Issuer: | Citigroup Global Markets Holdings Inc.
|
| Guarantor: | Citigroup Inc.
|
| Issue: | Buffer securities
|
| Underlying ETF: | SPDR S&P 500 ETF Trust
|
| Amount: | $675,000
|
| Maturity: | Sept. 26, 2024
|
| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | If ETF gains, par plus 200% of ETF return subject to a maximum return of par plus 23%; par if ETF declines but finishes above the 10% buffer; otherwise exposure to decline in ETF beyond buffer, payable in shares or cash at option of the issuer
|
| Upside leverage: | 200%
|
| Cap: | 23%
|
| Initial level: | $444.39
|
| Buffer: | 10%
|
| Buffer level: | $399.951, 90% of initial level
|
| Equity ratio: | 2.25028
|
| Call: | Non-callable
|
| Pricing date: | March 21
|
| Settlement date: | March 24
|
| Agent: | Citigroup Global Markets Inc.
|
| Fees: | 1.75%
|
| Cusip: | 17328N4W5
|
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