Published on 8/15/2023 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $1.07 million 0% buffer securities linked to EM ETF
By Kiku Steinfeld
Chicago, Aug. 15 – Citigroup Global Markets Holdings Inc. priced $1.07 million of 0% buffer securities due Feb. 27, 2025 linked to the iShares MSCI Emerging Markets ETF, according to a 424B2 filing with the Securities and Exchange Commission.
If the ETF gains, the payout at maturity will be par plus 125% of the ETF return subject to a maximum return of par plus 31.95%. Investors will receive par if the ETF declines but ends above the 15% buffer and will lose 1% for every 1% that the ETF declines beyond the buffer.
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: | Buffer securities
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Underlying ETF: | iShares MSCI Emerging Markets ETF
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Amount: | $1,072,000
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Maturity: | Feb. 27, 2025
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | If ETF gains, par plus 125% of ETF return subject to a maximum return of par plus 31.95%; par if ETF declines but finishes above the 15% buffer; otherwise exposure to decline in ETF beyond buffer
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Upside leverage: | 125%
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Cap: | 31.95%
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Initial level: | $38.30
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Buffer: | 15%
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Buffer level: | $32.555, 85% of initial level
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Call: | Non-callable
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Pricing date: | Feb. 24, 2023
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Settlement date: | March 1, 2023
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Agent: | Citigroup Global Markets Inc.
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Fees: | 0.95%
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Cusip: | 17331CRF6
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