Published on 2/25/2024 in the Prospect News Structured Products Daily.
New Issue: Citigroup sells $687,000 contingent coupon equity notes on S&P, Russell
By Kiku Steinfeld
Chicago, Feb. 26 – Citigroup Global Markets Holdings Inc. priced $687,000 of contingent coupon equity-linked securities due July 2, 2025 linked to the worst performing of the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The notes pay a contingent monthly coupon at an annualized rate of 6.5% if each index closes at or above its coupon barrier level, 65% of its initial level, on the valuation date for that period.
If the notes are not called and each index finishes at or above its final barrier level, 65% of its initial level, the payout at maturity will be par plus the final coupon. Otherwise, investors will be fully exposed to the decline of the least-performing index.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Global Markets Holdings Inc.
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| Guarantor: | Citigroup Inc.
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| Issue: | Contingent coupon equity-linked securities
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| Underlying indexes: | S&P 500 index and Russell 2000 index
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| Amount: | $687,000
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| Maturity: | July 2, 2025
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| Contingent coupon: | 6.5% per year, payable monthly if each index closes at or above coupon barrier on the valuation date for that period
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| Price: | Par
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| Payout at maturity: | If each index finishes at or above final barrier, par plus final coupon; otherwise, full exposure to losses of least-performing index
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| Initial levels: | 1,849.930 for Russell, 4,378.41 for S&P
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| Coupon barriers: | 1,202.455 for Russell, 2,845.967 for S&P; 65% of initial levels
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| Final barriers: | 1,202.455 for Russell, 2,845.967 for S&P; 65% of initial levels
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| Pricing date: | June 27, 2023
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| Settlement date: | June 30, 2023
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 2.75%
|
| Cusip: | 17331HXU5
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