Published on 7/23/2023 in the Prospect News Structured Products Daily.
New Issue: Citi prices $813,000 7.5% autocallable contingent coupon notes on Russell, S&P
By Kiku Steinfeld
Chicago, July 24 – Citigroup Global Markets Holdings Inc. priced $813,000 of autocallable contingent coupon equity linked securities due Feb. 20, 2026 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 7.5% paid semi-annually if the worst performing index closes at or above its 70% coupon barrier on the related valuation date, plus any previously unpaid coupons.
The securities will be called automatically starting Aug. 17, 2023 if the level of the worst performing index is greater than or equal to its initial level on an semi-annual valuation date.
If the worst performing index finishes at or above its 70% final barrier, the payout at maturity will be par. 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: | $813,000
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| Maturity: | Feb. 20, 2026
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| Coupon: | 7.5% paid semi-annually if the worst performing index closes at or above its 70% 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 index finishes at or above final barrier par; 1% loss for every 1% that worst performing index declines if it ends below final barrier
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| Call: | Automatically starting Aug. 17, 2023 if the level of the worst performing index is greater than or equal to its initial level on a semi-annual valuation date
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| Initial levels: | 1,946.356 for Russell, 4,079.09 for S&P
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| Coupon barriers: | 1,362.449 for Russell, 2,855.363 for S&P, 70% of initial levels
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| Final barriers: | 1,362.449 for Russell, 2,855.363 for S&P, 70% of initial levels
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| Pricing date: | Feb. 17, 2023
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| Settlement date: | Feb. 23, 2023
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| Agent: | Citigroup Global Markets Inc.
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| Fees: | 1.5%
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| Cusip: | 17331CAX5
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