Published on 9/26/2023 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $500,000 callable contingent coupon notes linked to Nasdaq, S&P
Chicago, Sept. 26 – Citigroup Global Markets Holdings Inc. priced $500,000 of callable contingent coupon equity-linked securities due Sept. 26, 2024 linked to the lesser performing of the Nasdaq-100 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at the rate of 13.5% per year if each index closes at or above its barrier level, 70% of its initial level, on the observation date for that quarter.
The notes are callable at par quarterly.
The payout at maturity will be par unless either index finishes below its 70% barrier level, in which case investors will lose 1% for every 1% that the lesser performing index declines from its initial level.
The notes are guaranteed by Citigroup Inc.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Global Markets Holdings Inc.
|
| Guarantor: | Citigroup Inc.
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| Issue: | Callable contingent coupon equity-linked securities
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| Underlying index: | Nasdaq-100 index and S&P 500 index
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| Amount: | $500,000
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| Maturity: | Sept. 26, 2024
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| Coupon: | 13.5% per year, payable quarterly if each index closes at or above barrier level on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par unless either index finishes below barrier level, in which case 1% loss for every 1% that lesser performing index declines from initial level
|
| Call option: | Quarterly at par
|
| Initial levels: | 11,851.54 for Nasdaq and 3,855.93 for S&P
|
| Barrier levels: | 8,296.078 for Nasdaq and 2,699.151 for S&P, or 70% of initial levels
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| Strike date: | Sept. 20, 2022
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| Pricing date: | Sept. 21, 2022
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| Settlement date: | Sept. 26, 2022
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 1%
|
| Cusip: | 17330RNF8
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