Published on 2/24/2023 in the Prospect News Structured Products Daily.
New Issue: Citi sells $1.41 million autocallable contingent coupon equity notes on Russell, S&P
Chicago, Feb. 24 – Citigroup Global Markets Holdings Inc. priced $1.41 million of autocallable contingent coupon equity-linked securities due Feb. 20, 2026 linked to the worst performing of the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The notes will pay a contingent semiannual coupon at an annual rate of 9% if each index closes at or above the coupon barrier level, 70% of the initial level, on the valuation date for that period.
The notes will be automatically called at par plus the coupon if each index closes at or above its initial level on any semiannual valuation date.
If the notes are not called and each index finishes at or above its barrier level, 70% of its initial level, the payout at maturity will be par plus the final coupon. Otherwise, investors will lose 1% for every 1% decline of the worst performer from its initial level.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Global Markets Holdings Inc.
|
| Guarantor: | Citigroup Inc.
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| Issue: | Autocallable contingent coupon equity-linked securities
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| Underlying indexes: | S&P 500 index, Russell 2000 index
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| Amount: | $1,413,000
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| Maturity: | Feb. 20, 2026
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| Coupon: | 9% annualized rate, payable semiannually if each index closes at or above coupon barrier level, on valuation date for that period
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| Price: | Par
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| Payout at maturity: | Par plus final coupon if each index finishes at or above barrier level; otherwise, investors will lose 1% for every 1% decline of the worst performer from its initial level
|
| Call: | Automatically at par plus coupon if each index closes at or above initial level on any semiannual valuation date
|
| Initial levels: | 4,079.09 for S&P, 1,946.356 for Russell
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| Coupon barrier levels: | 2,855.363 for S&P, 1,362.449 for Russell; 70% of initial levels
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| Final barrier levels: | 2,855.363 for S&P, 1,362.449 for Russell; 70% of initial levels
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| Pricing date: | Feb. 17
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| Settlement date: | Feb. 23
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 0%
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| Cusip: | 17331CG68
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