Published on 12/14/2023 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $1.24 million 9% autocallable contingent coupon notes on indexes, ETF
By Wendy Van Sickle
Columbus, Ohio, Dec. 14 – Citigroup Global Markets Holdings Inc. priced $1.24 million of autocallable contingent coupon equity linked securities due Feb. 12, 2025 linked to the worst performing of the SPDR S&P Regional Banking ETF, the Russell 2000 index and S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 9% paid monthly if the worst performing asset closes at or above its 70% coupon barrier on the related valuation date.
The securities will be called automatically at par starting June 7, 2024 if the price of the worst performing asset is greater than or equal to its initial price and on any subsequent monthly valuation date.
If the worst performing asset finishes at or above its 60% final barrier the payout at maturity will be par. Otherwise investors will lose 1% loss for every 1% that the worst performing asset 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: | Autocallable contingent coupon equity linked securities
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| Underlying assets: | SPDR S&P Regional Banking ETF, Russell 2000 index and S&P 500 index
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| Amount: | $1,243,000
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| Maturity: | Feb. 12, 2025
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| Coupon: | 9% annual rate, paid monthly if the worst performing asset closes at or above its 70% coupon barrier on the related valuation date
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| Price: | Par
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| Payout at maturity: | If worst performing asset finishes at or above final barrier par; 1% loss for every 1% that worst performing asset declines if it ends below final barrier
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| Call: | Automatically at par starting June 7, 2024 if the price of the worst performing asset is greater than or equal to its initial price and on any subsequent monthly valuation date
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| Initial levels: | $48.46 for ETF,1,868.251 for Russell, 4,585.59 for S&P
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| Coupon barriers: | $33.922 for ETF, 1,307.776 for Russell, 3,209.913 for S&P, 70% of initial levels
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| Final barriers: | $29.076 for ETF,1,120.951 for Russell, 2,751.354 for S&P, 60% of initial levels
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| Pricing date: | Dec. 7
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| Settlement date: | Dec. 12
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| Agent: | Citigroup Global Markets Inc.
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| Fees: | 2.375%
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| Cusip: | 17291TF60
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