Published on 7/11/2023 in the Prospect News Structured Products Daily.
New Issue: Citi sells $1.9 million callable contingent coupon equity linked securities on three ETFs
New York, July 11 – Citigroup Global Markets Holdings Inc. priced $1.90 million of callable contingent coupon equity linked securities due July 1, 2025 linked to the Financial Select Sector SPDR Fund, the SPDR S&P Bank ETF and the SPDR S&P Regional Banking ETF, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 13.6%, paid quarterly, if the worst performing ETF closes at or above its 60% coupon barrier on the related valuation date.
The securities may be called at par on any quarterly review date starting Dec. 26, 2023.
The payout at maturity will be par if the worst performing ETF ends at or above its 60% final barrier. Otherwise, investors will lose 1% for every 1% that the worst performing ETF declines.
The notes are guaranteed by Citigroup Inc.
Citigroup Global Markets Inc. is the agent.
| Issuer: | Citigroup Global Markets Holdings Inc.
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| Guarantor: | Citigroup Inc.
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| Issue: | Callable contingent coupon equity linked securities
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| Underlying ETFs: | Financial Select Sector SPDR Fund, SPDR S&P Bank ETF and SPDR S&P Regional Banking ETF
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| Amount: | $1,898,000
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| Maturity: | July 1, 2025
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| Coupon: | 13.6%, paid quarterly if the worst performing ETF closes at or above its 60% coupon barrier on the related valuation date
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| Price: | Par
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| Payout at maturity: | If worst performing ETF finishes at or above final barrier, par; otherwise, 1% loss for every 1% that worst performing ETF declines from initial level
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| Call option: | At par on any quarterly review date starting Dec. 26, 2023
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| Initial levels: | $32.67 for Financial Select Sector SPDR Fund, $35.16 for SPDR S&P Bank ETF, $40.08 for SPDR S&P Regional Banking ETF
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| Coupon barriers: | $19.602 for Financial Select Sector SPDR Fund, $21.096 for SPDR S&P Bank ETF, $24.048 for SPDR S&P Regional Banking ETF, 60% of initial levels
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| Final barriers: | $19.602 for Financial Select Sector SPDR Fund, $21.096 for SPDR S&P Bank ETF, $24.048 for SPDR S&P Regional Banking ETF, 60% of initial levels
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| Pricing date: | June 26
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| Settlement date: | June 29
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| Agent: | Citigroup Global Markets Inc.
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| Fees: | 1.75%
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| Cusip: | 17291RGL0
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