Published on 2/24/2023 in the Prospect News Structured Products Daily.
New Issue: Citigroup sells $3.61 million 10.85% callable contingent coupon notes on indexes, ETF
Chicago, Feb. 24 – Citigroup Global Markets Holdings Inc. priced $3.61 million of callable contingent coupon equity-linked securities due Aug. 22, 2024 linked to the worst performing of the Nasdaq-100 index, S&P 500 index and iShares S&P 500 Value ETF, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 10.85% paid monthly if the worst performing asset closes at or above its 80% coupon barrier on the related valuation date.
The securities may be called at par starting Aug. 17, 2023 and on any subsequent monthly review date.
The payout at maturity will be par if the worst performing asset gains or declines by no more than its 20% buffer. Otherwise investors will lose 1.25% for every 1% that the worst performing asset declines beyond the buffer.
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: | Callable contingent coupon equity-linked securities
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| Underlying assets: | Nasdaq-100 index, S&P 500 index and iShares S&P 500 Value ETF
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| Amount: | $3,605,000
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| Maturity: | Aug. 22, 2024
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| Coupon: | 10.85% annual rate, paid monthly if the worst performing asset closes at or above its 80% coupon barrier on the related valuation date
|
| Price: | Par
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| Payout at maturity: | If worst performing asset finishes at or above its final buffer par; 1% loss for every 1% that worst performing asset declines beyond the buffer
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| Call: | At par starting Aug. 17, 2023 and on any subsequent monthly review date at option of issuer
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| Initial levels: | 12,358.18 for Nasdaq, 4,079.09 for S&P, $154.98 for ETF
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| Coupon barriers: | 9,886.544 for Nasdaq, 3,263.272 for S&P, $123.984 for ETF, 80% of initial levels
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| Buffer: | 20%
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| Final buffers: | 9,886.544 for Nasdaq, 3,263.272 for S&P, $123.984 for ETF, 80% of initial levels
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| Pricing date: | Feb. 17
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| Settlement date: | Feb. 23
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| Agent: | Citigroup Global Markets Inc.
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| Fees: | 0.3%
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| Cusip: | 17331CPP6
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