New Issue: Citigroup prices $7,000 0% buffer securities linked to SPDR Dow

By Kiku Steinfeld

Chicago, Aug. 28 – Citigroup Global Markets Holdings Inc. priced $7,000 of 0% buffer securities due Feb. 29, 2028 linked to the SPDR Dow Jones industrial average ETF Trust, according to a 424B2 filing with the Securities and Exchange Commission.

If the ETF gains, the payout at maturity will be par plus 100% of the ETF return subject to a maximum return of par plus 80%. 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, 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.
Guarantor:	Citigroup Inc.
Issue:	Buffer securities
Underlying ETF:	SPDR Dow Jones industrial average ETF Trust
Amount:	$7,000
Maturity:	Feb. 29, 2028
Coupon:	0%
Price:	Par
Payout at maturity:	If ETF gains, par plus 100% of ETF return subject to a maximum return of par plus 80%; par if ETF declines but finishes above the 15% buffer; otherwise exposure to decline in ETF beyond buffer, payable in shares or cash at the issuer’s option
Upside leverage:	100%
Cap:	80%
Initial level:	$328.12
Buffer:	15%
Buffer level:	$278.902, 85% of initial level
Call:	Non-callable
Pricing date:	Feb. 24, 2023
Settlement date:	March 1, 2023
Agent:	Citigroup Global Markets Inc.
Fees:	3%
Cusip:	17331AAD3

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