Published on 7/14/2023 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $1.91 million autocallable securities linked to Dow, ETF
Chicago, July 14 – Citigroup Global Markets Holdings Inc. priced $1.91 million of 0% autocallable securities due July 15, 2026 linked to the worst performing of the Dow Jones industrial average and SPDR S&P Regional Banking ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The securities will be called automatically with a premium of a 17.85% annual rate if the worst performing asset closes above its premium threshold value and on any quarterly review date starting after six months. The premium threshold value is 100% for the first year, 95% for the second year starting in October and 90% for the third year, again in October.
If the worst performing asset finishes above 90% of its initial level the payout at maturity will be par plus the 53.55% premium for the final valuation date. Investors will receive par if the worst performing asset declines more than 10% but ends above the 80% barrier and lose 1% for every 1% that the worst performing asset declines if it finishes below its barrier.
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 securities
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Underlying assets: | Dow Jones industrial average and SPDR S&P Regional Banking ETF
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Amount: | $1.91 million
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Maturity: | July 15, 2026
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | If worst performing asset finishes at or above its 90% premium threshold value, par plus 53.55% premium for final valuation date; par if worst performing asset declines more than 10% but finishes at or above its 80% barrier; otherwise, 1% loss for every 1% that worst performing asset declines
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Call: | Automatically with a premium of 17.85% annual rate if the worst performing asset closes above its premium threshold value starting after six months and on any subsequent quarterly review date; premium threshold value is initially 100%, 95% starting Oct. 10, 2024; 90% starting Oct. 10, 2025
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Initial levels: | 33,944.40 for Dow, $41.80 for ETF
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Final barriers: | 27,155.52 for Dow, $33.44 for ETF, 80% of initial levels
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Pricing date: | July 10
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Settlement date: | July 13
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Agent: | Citigroup Global Markets Inc.
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Fees: | 2%
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Cusip: | 17291RTQ5
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