Published on 8/16/2023 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $981,000 12.55% callable contingent coupon equity notes on ETFs
Chicago, Aug. 16 – Citigroup Global Markets Holdings Inc. priced $981,000 of callable contingent coupon equity-linked securities due July 23, 2025 linked to the worst performing of the Financial Select Sector SPDR Fund and the VanEck Vectors Gold Miners ETF, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 12.55% paid monthly if the worst performing ETF closes at or above its 70% coupon barrier on the related valuation date, plus any previously unpaid coupons.
The securities may be called at par starting Jan. 18, 2023 and on any subsequent monthly review date.
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 and VanEck Vectors Gold Miners ETF
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Amount: | $981,000
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Maturity: | July 23, 2025
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Coupon: | 12.55% annual rate, paid monthly if the worst performing ETF closes at or above its 70% coupon barrier on the related valuation date, plus any previously unpaid coupons
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Price: | Par
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Payout at maturity: | If worst performing ETF finishes at or above final barrier par; 1% loss for every 1% that worst performing ETF declines if it ends below final barrier
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Call: | At par starting Jan. 18, 2023 and on any subsequent monthly review date at issuer’s option
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Initial levels: | $31.66 for Financial, $25.71 for Gold
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Coupon barriers: | $22.162 for Financial, $17.997 for Gold, 70% of initial levels
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Final barriers: | $18.996 for Financial, $15.426 for Gold, 60% of initial levels
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Pricing date: | July 18, 2022
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Settlement date: | July 21, 2022
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Agent: | Citigroup Global Markets Inc.
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Fees: | 2.95%
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Cusip: | 17330PUW7
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