Published on 5/24/2023 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $155,000 8% autocallable contingent coupon notes on ETF Trusts
By Kiku Steinfeld
Chicago, May 24 – Citigroup Global Markets Holdings Inc. priced $155,000 of autocallable contingent coupon equity linked securities due Jan. 23, 2024 linked to the Invesco QQQ Trust, Series 1 and SPDR S&P 500 ETF Trust, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 8% paid quarterly if the worst performing ETF closes at or above its 73% coupon barrier on the related valuation date, plus any previously unpaid coupons.
The securities will be called automatically starting April 18, 2023 at par if the price of the worst performing ETF is greater than or equal to its initial price and on any subsequent quarterly valuation date.
If the worst performing ETF finishes at or above its 73% 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 option of the issuer.
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: | $155,000
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| Maturity: | Jan. 23, 2024
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| Coupon: | 8% paid quarterly if the worst performing ETF closes at or above its 73% coupon barrier on the related valuation date, plus any previously unpaid coupons
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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, payable in shares or cash at the option of the issuer
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| Call: | Automatically starting April 18, 2023 at par if the price of the worst performing ETF is greater than or equal to its initial price and on any subsequent quarterly valuation date
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| Initial levels: | $277.88 for Invesco, $391.49 for SPDR
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| Coupon barriers: | $202.852 for Invesco, $285.788 for SPDR, 73% of initial levels
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| Final barriers: | $202.852 for Invesco, $285.788 for SPDR, 73% of initial levels
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| Equity ratios: | 3.59868 for Invesco, 2.55434 for SPDR
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| Pricing date: | Jan. 18, 2023
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| Settlement date: | Jan. 23, 2023
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| Agent: | Citigroup Global Markets Inc.
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| Fees: | 1%
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| Cusip: | 17331ACE9
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