By Kiku Steinfeld
Chicago, Aug. 16 – Citigroup Global Markets Holdings Inc. priced $2.11 million of contingent income callable securities due Feb. 27, 2025 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 8%, paid quarterly, if the underlying index closes at or above its 70% coupon barrier on the related quarterly observation date.
The securities may be called par on any quarterly observation date.
If the index gains or ends above its 70% downside threshold, the payout at maturity will be par plus the contingent coupon. Investors will lose 1% for every 1% that the index declines if it finishes below its downside threshold level.
The notes are guaranteed by Citigroup Inc.
Citigroup Global Markets Inc. is the underwriter with Morgan Stanley Wealth Management as a selected 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 index: | S&P 500 index
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| Amount: | $2.11 million
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| Maturity: | Feb. 27, 2025
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| Coupon: | 8%, paid quarterly, if the underlying index closes at or above its 70% coupon barrier on the related quarterly observation date
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| Price: | Par
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| Payout at maturity: | If index finishes at or above its downside threshold level, par; 1% loss for every 1% that index declines if it finishes below its downside threshold level
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| Call option: | At par on any quarterly observation date
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| Initial level: | 3,970.04
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| Downside threshold: | 2,779.028, 70% of initial level
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| Coupon barrier: | 2,779.028, 70% of initial level
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| Pricing date: | Feb. 24, 2023
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| Settlement date: | March 1, 2023
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| Underwriter: | Citigroup Global Markets Inc. with Morgan Stanley Wealth Management as selected dealer
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| Fees: | 2%
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| Cusip: | 17331CUM7
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