Published on 1/24/2024 in the Prospect News Structured Products Daily.
New Issue: Citi prices $1.74 million callable contingent coupon equity linked securities on ETFs
New York, Jan. 24 – Citigroup Global Markets Holdings Inc. priced $1.74 million of callable contingent coupon equity linked securities due Jan. 22, 2027 linked to the SPDR S&P Biotech ETF, the SPDR S&P Regional Banking ETF and the VanEck Vectors Gold Miners ETF, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 18.6%, paid monthly, if the worst performing ETF closes at or above its 70% coupon barrier on the related valuation date.
The securities may be called at par on any monthly review date starting April 16.
The payout at maturity will be par if the worst performing ETF finishes at or above 70% of initial level. Otherwise, investors will lose 1% for every 1% that the worst performing ETF declines beyond 30%.
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 Biotech ETF, SPDR S&P Regional Banking ETF and VanEck Vectors Gold Miners ETF
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| Amount: | $1.74 million
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| Maturity: | Jan. 22, 2027
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| Coupon: | 18.6%, paid monthly if the worst performing ETF 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 ETF finishes at or above its final buffer, par; otherwise, 1% loss for every 1% that worst performing ETF declines beyond the buffer
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| Call option: | At par on any monthly review date starting April 16
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| Initial levels: | $89.06 for SPDR S&P Biotech ETF, $49.54 for SPDR S&P Regional Banking ETF, $28.39 for VanEck Vectors Gold Miners ETF
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| Coupon barriers: | $62.342 for SPDR S&P Biotech ETF, $34.678 for SPDR S&P Regional Banking ETF, $19.873 for VanEck Vectors Gold Miners ETF, 70% of initial levels
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| Buffer: | 30%
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| Final buffers: | $62.342 for SPDR S&P Biotech ETF, $34.678 for SPDR S&P Regional Banking ETF, $19.873 for VanEck Vectors Gold Miners ETF, 70% of initial levels
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| Pricing date: | Jan. 16
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| Settlement date: | Jan. 19
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| Agent: | Citigroup Global Markets Inc.
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| Fees: | 0.65%
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| Cusip: | 17291TNL8
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