Published on 1/11/2023 in the Prospect News Structured Products Daily.
New Issue: Citi prices $2.37 million callable contingent coupon equity linked securities on two ETFs
New York, Jan. 11 – Citigroup Global Markets Holdings Inc. priced $2.37 million of callable contingent coupon equity linked securities due Jan. 9, 2025 linked to the SPDR S&P 500 ETF Trust and the VanEck Vectors Gold Miners ETF, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 10% per year, paid quarterly, if the worst performing ETF closes at or above its 50% coupon barrier on the related valuation date.
The securities may be called at par on any quarterly review date starting July 6, 2023.
The payout at maturity will be par if the worst performing ETF ends at or above its 50% final barrier. Otherwise, investors will receive a number of shares of the worst performer equal to $1,000 divided by that ETF’s initial level or, at the issuer’s option, the cash equivalent.
The notes are guaranteed by Citigroup Inc.
Citigroup Global Markets Inc. is the agent.
| Issuer: | Citigroup Global Markets Holdings Inc.
|
| Guarantor: | Citigroup Inc.
|
| Issue: | Callable contingent coupon equity linked securities
|
| Underlying ETFs: | SPDR S&P 500 ETF Trust and VanEck Vectors Gold Miners ETF
|
| Amount: | $2,372,000
|
| Maturity: | Jan. 9, 2025
|
| Coupon: | 10% per year, paid quarterly if the worst performing ETF closes at or above its 50% coupon barrier on the related valuation date
|
| Price: | Par
|
| Payout at maturity: | If worst performing ETF finishes at or above final barrier, par; otherwise, receive a number of shares of the worst performer equal to its equity ratio or, at the issuer’s option, the cash value of those shares
|
| Call option: | At par on any quarterly review date starting July 6, 2023
|
| Initial levels: | $388.08 for SPDR S&P 500 ETF Trust, $31.56 for VanEck Vectors Gold Miners ETF
|
| Coupon barriers: | $194.040 for SPDR S&P 500 ETF Trust, $15.780 for VanEck Vectors Gold Miners ETF, 50% of initial levels
|
| Final barriers: | $194.040 for SPDR S&P 500 ETF Trust, $15.780 for VanEck Vectors Gold Miners ETF, 50% of initial levels
|
| Equity ratios: | 2.57679 for SPDR S&P 500 ETF Trust, 31.68568 for VanEck Vectors Gold Miners ETF, share delivery per security
|
| Pricing date: | Jan. 6
|
| Settlement date: | Jan. 11
|
| Agent: | Citigroup Global Markets Inc.
|
| Fees: | 1.75%
|
|
|
| Cusip: | 17331ABT7
|
|
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
