Published on 10/26/2023 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $4.07 million autocallable securities linked to SPDR S&P 500
By Kiku Steinfeld
Chicago, Oct. 26 – Citigroup Global Markets Holdings Inc. priced $4.07 million of 0% autocallable securities due April 6, 2026 linked to the SPDR S&P 500 ETF Trust, according to a 424B2 filing with the Securities and Exchange Commission.
The securities will be called automatically starting on Oct. 2, 2023 at a 9.15% annual rate if the ETF closes above its call level on a quarterly review date. The call level starts at 100% of the fund’s initial value, decreasing to 95% on July 1, 2024 and to 90% on July 1, 2025.
If the ETF gains the payout at maturity will be par plus the 27.45% premium for the final valuation date. Investors will receive par if the ETF falls but ends above the 70% barrier and lose 1% for every 1% that the ETF declines if it finishes below its barrier, payable in 2.44266 shares or cash at the option of the issuer.
The notes are guaranteed by Citigroup Inc.
Citigroup Global Markets Inc. is the agent.
| Issuer: | Citigroup Global Markets Holdings Inc.
|
| Guarantor: | Citigroup Inc.
|
| Issue: | Autocallable securities
|
| Underlying ETF: | SPDR S&P 500 ETF Trust
|
| Amount: | $4,066,000
|
| Maturity: | April 6, 2026
|
| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | If ETF finishes at or above its initial value, par plus 27.45%; par if ETF declines but finishes at or above its 70% barrier; otherwise 1% loss for every 1% that ETF declines, payable in 2.44266 shares or cash at the option of the issuer.
|
| Call: | Automatically starting on Oct. 2, 2023 at 9.15% annual rate if the ETF closes above its call level on a quarterly review date; level starts at 100% of the initial value, decreasing to 95% on July 1, 2024 and to 90% on July 1, 2025
|
| Initial level: | $409.39
|
| Final barrier: | $286.573, 70% of initial level
|
| Pricing date: | March 31, 2023
|
| Settlement date: | April 5, 2023
|
| Agent: | Citigroup Global Markets Inc.
|
| Fees: | 2%
|
| Cusip: | 17331AAS0
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
