Published on 9/20/2023 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $2 million callable contingent coupon equity linked securities on ETFs
New York, Sept. 20 – Citigroup Global Markets Holdings Inc. priced $2 million of callable contingent coupon equity linked securities due Sept. 20, 2027 linked to the SPDR S&P Bank ETF, the Utilities Select Sector SPDR Fund and the iShares 20+ Year Treasury Bond ETF, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 11.9%, paid monthly, if the worst performing ETF closes at or above its 60% coupon barrier on the related valuation date.
The securities may be called at par on any monthly review date starting Dec. 15.
The payout at maturity will be par if the worst performing ETF ends at or above its 60% final barrier. Otherwise, investors will lose 1% for every 1% that the worst performing ETF declines.
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: | Callable contingent coupon equity linked securities
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| Underlying ETFs: | SPDR S&P Bank ETF, Utilities Select Sector SPDR Fund and iShares 20+ Year Treasury Bond ETF
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| Amount: | $2 million
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| Maturity: | Sept. 20, 2027
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| Coupon: | 11.9%, paid monthly 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; otherwise, 1% loss for every 1% that worst performing ETF declines from initial level
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| Call option: | At par on any monthly review date starting Dec. 15
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| Initial levels: | $38.55 for SPDR S&P Bank ETF, $64.94 for Utilities Select Sector SPDR Fund, $92.96 for iShares 20+ Year Treasury Bond ETF
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| Coupon barriers: | $23.130 for SPDR S&P Bank ETF, $38.964 for Utilities Select Sector SPDR Fund, $55.776 for iShares 20+ Year Treasury Bond ETF, 60% of initial levels
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| Final barriers: | $23.130 for SPDR S&P Bank ETF, $38.964 for Utilities Select Sector SPDR Fund, $55.776 for iShares 20+ Year Treasury Bond ETF, 60% of initial levels
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| Pricing date: | Sept. 15
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| Settlement date: | Sept. 20
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| Agent: | Citigroup Global Markets Inc.
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| Fees: | 0.3%
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| Cusip: | 17291QFP4
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