By Angela McDaniels
Tacoma, Wash., March 5 – Citigroup Global Markets Holdings Inc. priced $1.41 million of 0% market-linked securities – autocallable with fixed percentage buffered downside due June 30, 2028 linked to the lowest performing of the common stocks of Apple Inc. and Nvidia Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Starting July 1, 2024, the notes will be automatically called at par plus 17.4% per year if the lowest performing stock closes at or above its initial share price on any quarterly call date.
If the notes are not called, the payout at maturity will be par unless the least performing stock’s final share price is less than its buffer level, 80% of its initial share price, in which case investors will lose 1% for every 1% that the least performing stock declines beyond 20%.
The notes are guaranteed by Citigroup Inc.
Citigroup Global Markets Inc. is the lead agent. Wells Fargo Securities LLC is agent.
| Issuer: | Citigroup Global Markets Holdings Inc.
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| Guarantor: | Citigroup Inc.
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| Issue: | Market-linked securities – autocallable with fixed percentage buffered downside
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| Underlying index: | Apple Inc. and Nvidia Corp.
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| Amount: | $1,405,000
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| Maturity: | June 30, 2028
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | Par unless least performing stock’s final share price is less than buffer level, in which case 1% loss for every 1% that least performing stock declines beyond 20%
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| Call: | Starting July 1, 2024, automatically at par plus 17.4% per year if lowest performing stock closes at or above initial share price on any quarterly call date
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| Initial share prices: | $188.06 for Apple and $418.76 for Nvidia
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| Buffer levels: | $150.448 for Apple and $335.008 for Nvidia, or 80% of initial share prices
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| Pricing date: | June 27, 2023
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| Settlement date: | June 30, 2023
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| Agents: | Citigroup Global Markets Inc. and Wells Fargo Securities LLC
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| Fees: | 2.825%
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| Cusip: | 17291RCW0
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