Published on 3/21/2024 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $28.58 million buffered digital securities linked to S&P, Russell
By William Gullotti
Buffalo, N.Y., March 21 – Citigroup Global Markets Holdings Inc. priced $28.58 million of 0% buffered digital securities due April 16, 2025 linked to the performance of the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
If the final level of each index is greater than or equal to its 85% buffer level, the payout at maturity will be par plus the 8.75% digital payment.
If the laggard index declines by more than 15% but finishes at or above its 50% digital barrier, investors will receive par plus the digital payment less 1% for each 1% decline of that index beyond 15%.
Otherwise, investors will lose 1% for every 1% that the laggard index declines beyond 15%.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Global Markets Holdings Inc.
|
| Guarantor: | Citigroup Inc.
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| Issue: | Buffered digital securities
|
| Underlying indexes: | S&P 500 index, Russell 2000 index
|
| Amount: | $28,583,000
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| Maturity: | April 16, 2025
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| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | If each index’s final level is greater or equal to its buffer level, par plus 8.75% digital payment; if laggard index falls by more than 15% but finishes at or above digital barrier, par plus digital payment minus 1% for each 1% decline of laggard index beyond 15%; otherwise, 1% loss for every 1% decline of laggard index beyond 15%
|
| Initial levels: | 5,123.69 for S&P, 2,082.713 for Russell
|
| Buffer levels: | 4,355.137 for S&P, 1,770.306 for Russell; 85% of initial levels
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| Digital barriers: | 2,561.845 for S&P, 1,041.357 for Russell; 50% of initial levels
|
| Digital payment: | 8.75%
|
| Strike date: | March 8
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| Pricing date: | March 11
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| Settlement date: | March 14
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 0.25%
|
| Cusip: | 17291LRV9
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