Published on 3/28/2023 in the Prospect News Structured Products Daily.
New Issue: Citi prices $500,000 13.4% contingent coupon autocallables on Russell, S&P
By Kiku Steinfeld
Chicago, March 28 – Citigroup Global Markets Holdings Inc. priced $500,000 of autocallable contingent coupon equity linked securities due Dec. 8, 2023 linked to the Russell 2000 index and S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 13.4% paid quarterly if the worst performing index closes at or above its 70% coupon barrier on the related valuation date.
The securities will be called automatically starting March 6, 2023 at par if the price of the worst performing index is greater than or equal to its initial price and on any subsequent quarterly valuation date.
The payout at maturity will be par if the worst performing index finishes at or above its initial level or the underlying indexes never close below the 70% knock-in value during the life of the note. Otherwise investors will lose 1% loss for every 1% that the worst performing index declines.
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: | Autocallable contingent coupon equity linked securities
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| Underlying indexes: | Russell 2000 index and S&P 500 index
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| Amount: | $500,000
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| Maturity: | Dec. 8, 2023
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| Coupon: | 13.4% paid quarterly if the worst performing index closes at or above its 70% coupon barrier on the related valuation date
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| Price: | Par
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| Payout at maturity: | Par if worst performing index finishes at or its initial level or underlying indexes never close below knock-in value during life of note; otherwise 1% loss for every 1% that worst performing index declines
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| Call: | Automatically starting March 6, 2023 at par if the price of the worst performing index is greater than or equal to its initial price and on any subsequent quarterly valuation date
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| Initial levels: | 1,840.222 for Russell, 3,998.84 for S&P
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| Coupon barriers: | 1,288.155 for Russell, 2,799.188 for S&P, 70% of initial levels
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| Final barriers: | 1,288.155 for Russell, 2,799.188 for S&P, 70% of initial levels
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| Pricing date: | Dec. 5
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| Settlement date: | Dec. 8
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| Agent: | Citigroup Global Markets Inc.
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| Fees: | 0.725%
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| Cusip: | 17330YZQ6
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