By Kiku Steinfeld
Chicago, April 5 – Citigroup Global Markets Holdings Inc. priced $1.85 million of contingent income callable securities due July 10, 2025 linked to the Invesco S&P 500 Equal Weight ETF, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 8.7%, paid quarterly, if the underlying fund closes at or above its 80% coupon barrier on the related quarterly observation date.
The securities may be called starting in October 2023 at par and on any subsequent quarterly determination date.
If the ETF gains or ends above its 80% downside threshold the payout at maturity will be par plus the contingent coupon. Investors will lose 1% for every 1% that the ETF declines if it finishes below its downside threshold level.
The notes are guaranteed by Citigroup Inc.
Citigroup Global Markets Inc. is the agent. Morgan Stanley will act as distributor.
| Issuer: | Citigroup Global Markets Holdings Inc.
|
| Guarantor: | Citigroup Inc.
|
| Issue: | Contingent income callable securities
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| Underlying ETF: | Invesco S&P 500 Equal Weight ETF
|
| Amount: | $1,851,000
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| Maturity: | July 10, 2025
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| Coupon: | 8.7%, paid quarterly, if the underlying fund closes at or above its 80% coupon barrier on the related quarterly observation date
|
| Price: | Par
|
| Payout at maturity: | If ETF finishes at or above its downside threshold level, par; 1% loss for every 1% that ETF declines if it finishes below its downside threshold level
|
| Call: | Starting in October 2023 at par and on any subsequent quarterly determination date
|
| Initial level: | $148.52
|
| Downside threshold: | $118.816, 80% of initial level
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| Coupon barrier: | $118.816, 80% of initial level
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| Pricing date: | July 7, 2023
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| Settlement date: | July 12, 2023
|
| Agent: | Citigroup Global Markets Inc.
|
| Distributor: | Morgan Stanley
|
| Fees: | 2%
|
| Cusip: | 17291RRR5
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