Published on 9/18/2023 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $439,000 autocallable securities on Dow Jones, S&P 500 Dynamic
By Kiku Steinfeld
Chicago, Sept. 18 – Citigroup Global Markets Holdings Inc. priced $439,000 of 0% autocallable securities due March 8, 2028 linked to the Dow Jones industrial average and S&P 500 Dynamic Participation index, according to a 424B2 filing with the Securities and Exchange Commission.
The securities will be called automatically starting on March 6, 2024 with a premium of a 10.5% annual rate if the worst performing index closes above its initial value on a quarterly review date.
If the worst performing index gains the payout at maturity will be par plus 52.5%. The payout will be par if the worst performing index declines but by no more than the 15% buffer.
Otherwise investors will lose 1% for every 1% that the worst performing index declines beyond its 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: | Autocallable securities
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Underlying indexes: | Dow Jones industrial average and S&P 500 Dynamic Participation index
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Amount: | $439,000
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Maturity: | March 8, 2028
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | If worst performing index gains, par plus 52.5%; par if worst performing index declines but finishes at or above its 85% buffer; otherwise 1% loss for every 1% that worst performing index declines beyond the buffer
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Call: | Automatically starting on March 6, 2024 with a premium of a 10.5% annual rate if the worst performing index closes above its initial value on a quarterly review date
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Initial levels: | 33,390.97 for Dow, 648.02 for S&P Dynamic Participation
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Buffers: | 15%
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Buffer levels: | 28,382.325 for Dow, 550.817 for S&P Dynamic Participation, 85% of initial level
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Pricing date: | March 3, 2023
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Settlement date: | March 8, 2023
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Agent: | Citigroup Global Markets Inc.
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Fees: | 3.75%
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Cusip: | 17331CTW7
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