Published on 8/21/2023 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $805,000 autocallable contingent coupon equity notes on ETFs
Chicago, Aug. 21 – Citigroup Global Markets Holdings Inc. priced $805,000 of autocallable contingent coupon equity linked securities due Aug. 8, 2024 linked to the worst performing of the Invesco QQQ Trust, Series 1, SPDR S&P 500 ETF Trust and iShares Russell 2000 ETF, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 8.5% paid quarterly if the worst performing ETF closes at or above its 60% coupon barrier on the related valuation date.
The securities will be called automatically at par starting after three months if the price of the worst performing ETF is greater than or equal to its initial price and on any subsequent quarterly valuation date.
If the worst performing ETF finishes at or above its 60% final barrier the payout at maturity will be par. Otherwise investors will lose 1% loss for every 1% that the worst performing ETF declines, payable in shares or cash at the issuer’s option.
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 ETFs: | Invesco QQQ Trust, Series 1, SPDR S&P 500 ETF Trust and iShares Russell 2000 ETF
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| Amount: | $805,000
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| Maturity: | Aug. 8, 2024
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| Coupon: | 8.5% annual rate, paid quarterly if the worst performing ETF closes at or above its 60% coupon barrier on the related valuation date
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| Price: | Par
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| Payout at maturity: | If worst performing ETF finishes at or above final barrier par; 1% loss for every 1% that worst performing ETF declines if it ends below final barrier
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| Call: | Automatically at par starting after three months if the price of the worst performing ETF is greater than or equal to its initial price and on any subsequent quarterly valuation date
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| Initial levels: | $315.46 for QQQ, $411.99 for S&P, $187.25 for Russell
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| Coupon barriers: | $189.276 for QQQ, $247.194 for S&P, $112.35 for Russell, 60% of initial levels
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| Final barriers: | $189.276 for QQQ, $247.194 for S&P, $112.35 for Russell, 60% of initial levels
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| Strike date: | July 29, 2022
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| Pricing date: | Aug. 1, 2022
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| Settlement date: | Aug. 8, 2022
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| Agent: | Citigroup Global Markets Inc.
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| Fees: | 1.2%
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| Cusip: | 17330DFK7
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