Published on 4/6/2023 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $2 million contingent coupon equity linked autocalls on two ETFs
New York, April 6 – Citigroup Global Markets Holdings Inc. priced $2.00 million of autocallable contingent coupon equity linked securities due July 3, 2024 linked to the Invesco QQQ Trust, Series 1 and the SPDR S&P 500 ETF Trust, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 7.75% per year, paid monthly, if the worst performing ETF closes at or above its 75% coupon barrier on the related valuation date.
The securities will be called automatically at par if the closing price of the worst performing ETF is greater than or equal to its initial price on any monthly valuation date starting Sept. 28, 2023.
If the worst performing ETF finishes at or above its 75% final barrier, the payout at maturity will be par.
Otherwise, investors will receive a number of shares of the worst performing ETF 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.
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Guarantor: | Citigroup Inc.
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Issue: | Autocallable contingent coupon equity linked securities
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Underlying ETFs: | Invesco QQQ Trust, Series 1 and SPDR S&P 500 ETF Trust
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Amount: | $2,003,000
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Maturity: | July 3, 2024
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Coupon: | 7.75%, paid monthly if the worst performing ETF closes at or above its 75% coupon barrier on the related valuation date
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Price: | Par
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Payout at maturity: | If worst performing ETF finishes at or above final barrier, par; otherwise, receive a number of shares of the worst performing ETF equal to its equity ratio or, at the issuer’s option, the cash equivalent
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Call: | Automatically at par if the closing price of the worst performing ETF is greater than or equal to its initial price on any monthly valuation date starting Sept. 28, 2023
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Initial levels: | $307.12 for Invesco QQQ Trust, Series 1, $395.60 for SPDR S&P 500 ETF Trust
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Coupon barriers: | $230.340 for Invesco QQQ Trust, Series 1, $296.700 for SPDR S&P 500 ETF Trust, 75% of initial levels
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Final barriers: | $230.340 for Invesco QQQ Trust, Series 1, $296.700 for SPDR S&P 500 ETF Trust, 75% of initial levels
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Equity Ratios: | 3.25606 for Invesco QQQ Trust, Series 1, 2.52781 for SPDR S&P 500 ETF Trust, shares delivered per security
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Pricing date: | March 28
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Settlement date: | March 31
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Agent: | Citigroup Global Markets Inc.
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Fees: | 2.25%
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Cusip: | 17331AAP6
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