Published on 5/18/2023 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $468,000 9.25% autocallable contingent coupon equity notes on ETFs
Chicago, May 18 – Citigroup Global Markets Holdings Inc. priced $468,000 of autocallable contingent coupon equity linked securities due Oct. 2, 2023 linked to the worst performing of the SPDR S&P 500 ETF Trust and iShares Russell 2000 ETF, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 9.25% paid monthly if the worst performing ETF closes at or above its 80% coupon barrier on the related valuation date.
The securities will be called automatically at par starting Dec. 27, 2022 if the price of the worst performing ETF is greater than or equal to its initial price and on any subsequent monthly valuation date.
If the worst performing ETF finishes at or above its 80% final barrier the payout at maturity will be par. Otherwise investors will lose 1% loss for every 1% that the worst performing ETF declines, payable in shares or cash at the issuer’s option.
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: | SPDR S&P 500 ETF Trust and iShares Russell 2000 ETF
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| Amount: | $468,000
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| Maturity: | Oct. 2, 2023
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| Coupon: | 9.25% annual rate, paid monthly if the worst performing ETF closes at or above its 80% 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; 1% loss for every 1% that worst performing ETF declines if it ends below final barrier
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| Call: | Automatically at par starting Dec. 27, 2022 if the price of the worst performing ETF is greater than or equal to its initial price and on any subsequent monthly valuation date
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| Initial levels: | $388.59 for S&P 500 ETF, $175.74 for Russell ETF
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| Coupon barriers: | $310.872 for S&P 500 ETF, $140.592 for Russell ETF, 80% of initial levels
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| Final barriers: | $310.872 for S&P 500 ETF, $140.592 for Russell ETF, 80% of initial levels
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| Equity ratios: | 2.57341 for S&P 500 ETF, 5.69022 for Russell ETF
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| Pricing date: | June 27, 2022
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| Settlement date: | June 30, 2022
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| Agent: | Citigroup Global Markets Inc.
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| Fees: | 2.25%
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| Cusip: | 17330DCV6
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