Published on 8/7/2023 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $7.45 million 8.5% contingent income callable securities linked to indexes
New York, Aug. 7 – Citigroup Global Markets Holdings Inc. priced $7.45 million of contingent income callable securities due July 31, 2025 linked to the Nasdaq-100 index, 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 8.5%, paid quarterly, if each underlying index closes at or above its 65% coupon barrier on the related quarterly observation date.
The securities may be called at par quarterly.
If the worst performing index gains or ends above its 65% downside threshold the payout at maturity will be par plus the contingent coupon. Investors will lose 1% for every 1% that the worst performing index declines if it finishes below its downside threshold level.
The notes are guaranteed by Citigroup Inc.
Citigroup Global Markets Inc. is the agent. Morgan Stanley Wealth Management is a dealer.
Issuer: | Citigroup Global Markets Holdings Inc.
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Guarantor: | Citigroup Inc.
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Issue: | Contingent income callable securities
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Underlying indexes: | Nasdaq-100 index, Russell 2000 index and S&P 500 index
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Amount: | $7,454,000
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Maturity: | July 31, 2025
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Coupon: | 8.5%, paid quarterly, if each underlying index closes at or above its 65% coupon barrier on the related quarterly observation date
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Price: | Par
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Payout at maturity: | If worst performing index finishes at or above its downside threshold level, par; 1% loss for every 1% that worst performing index declines if it finishes below its downside threshold level
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Call option: | At par quarterly
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Initial levels: | 15,750.93 for Nasdaq-100 index, 1,981.537 for Russell 2000 index, 4,582.23 for S&P 500 index
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Downside thresholds: | 10,238.105 for Nasdaq-100 index, 1,287.999 for Russell 2000 index, 2,978.450 for S&P 500 index, 65% of initial level
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Coupon barriers: | 10,238.105 for Nasdaq-100 index, 1,287.999 for Russell 2000 index, 2,978.450 for S&P 500 index, 65% of initial levels
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Pricing date: | July 28
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Settlement date: | Aug. 2
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Agent: | Citigroup Global Markets Inc.
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Selected dealer: | Morgan Stanley Wealth Management
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Fees: | 2% including a structuring fee of 0.5%
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Cusip: | 17291RQN5
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