Published on 12/1/2022 in the Prospect News Structured Products Daily.
New Issue: Citi sells $6.76 million jump securities with autocallable feature on S&P, Russell
By William Gullotti
Buffalo, N.Y., Dec. 1 – Citigroup Global Markets Holdings Inc. priced $6.76 million of 0% jump securities with autocallable feature due Nov. 3, 2028 linked to the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be automatically called at par plus 12.75% per year if each index closes at or above its initial level on any quarterly valuation date after one year.
If each index’s final level is greater than or equal to its initial level, the payout at maturity will be par plus 76.5%.
If the laggard index declines but finishes at or above its 80% trigger level, investors will receive par. Otherwise, investors will be fully exposed to the decline of the laggard index from its initial level.
The notes are guaranteed by Citigroup Inc.
Citigroup Global Markets Inc. is the underwriter with Morgan Stanley Wealth Management as a dealer.
| Issuer: | Citigroup Global Markets Holdings Inc.
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| Guarantor: | Citigroup Inc.
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| Issue: | Jump securities with autocallable feature
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| Underlying indexes: | S&P 500 index, Russell 2000 index
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| Amount: | $6,757,440
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| Maturity: | Nov. 3, 2028
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| Coupon: | 0%
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| Price: | Par of $10
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| Payout at maturity: | If each index’s final level is greater than or equal to initial level, par plus 76.5%; if laggard index declines but finishes at or above trigger level, par; otherwise, 1% loss for every 1% that the laggard index declines from its initial level
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| Call: | Automatically at par plus 12.75% per year if each index closes at or above initial level on any quarterly valuation date after one year
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| Initial levels: | 3,871.98 for S&P, 1,846.863 for Russell
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| Trigger levels: | 3,097.584 for S&P, 1,477.49 for Russell; 80% of initial levels
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| Pricing date: | Oct. 31
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| Settlement date: | Nov. 3
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| Underwriter: | Citigroup Global Markets Inc.
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| Selected dealer: | Morgan Stanley Wealth Management
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| Fees: | 3.5%
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| Cusip: | 17330U884
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