By Kiku Steinfeld
Chicago, Aug. 28 – Citigroup Global Markets Holdings Inc. sold $787,000 of 0% market-linked autocallable securities with contingent coupon and contingent downside due Feb. 27, 2026 linked to the Energy Select Sector SPDR Fund, the Health Care Select Sector SPDR Fund and the Technology Select Sector SPDR Fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be guaranteed by Citigroup Inc.
The notes will pay a contingent monthly interest payment at the rate of 11.9% per year if each fund closes at or above its coupon barrier level, 70% of its initial level, on the observation date for that period.
The notes will be automatically called at par plus the coupon if each fund closes at or above its initial level on any monthly observation date after six months.
The payout at maturity will be par plus the final coupon if each fund finishes at or above its coupon barrier.
If the worst performer finishes below its coupon barrier but at or above its 65% threshold level, the payout will be par. Otherwise, investors will be fully exposed to the decline of the worst performer from its initial level.
Citigroup Global Markets Inc. and Wells Fargo Securities, LLC are the agents.
| Issuer: | Citigroup Global Markets Holdings Inc.
|
| Guarantor: | Citigroup Inc.
|
| Issue: | Market-linked autocallable securities with contingent coupon and contingent downside
|
| Underlying funds: | Energy Select Sector SPDR Fund, Health Care Select Sector SPDR Fund and Technology Select Sector SPDR Fund
|
| Amount: | $787,000
|
| Maturity: | Feb. 27, 2026
|
| Coupon: | 11.9% annual rate, payable monthly if all funds close at or above their coupon barrier levels on the relevant observation date
|
| Price: | Par
|
| Payout at maturity: | Par plus final coupon if each fund finishes at or above coupon barrier; if worst performer finishes below coupon barrier but at or above threshold level, par; otherwise, full exposure to decline of worst performer from initial level
|
| Call: | Automatically at par plus coupon if each fund closes at or above initial level on any monthly observation date after six months
|
| Initial levels: | $84.91 for Energy, $128.12 for Health Care, $136.82 for Technology
|
| Coupon barriers: | $59.437 for Energy, $89.684 for Health Care, $95.774 for Technology; 70% of initial levels
|
| Threshold levels: | $55.1915 for Energy, $83.278 for Health Care, $88.933 for Technology; 65% of initial levels
|
| Pricing date: | Feb. 27, 2023
|
| Settlement date: | March 2, 2023
|
| Agents: | Citigroup Global Markets Inc. and Wells Fargo Securities, LLC
|
| Fees: | 2.25%
|
| Cusip: | 17331CU21
|
|
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
