Published on 3/24/2023 in the Prospect News Structured Products Daily.
New Issue: Citi prices $3.72 million contingent market-linked callable notes on three indexes
By Wendy Van Sickle
Columbus, Ohio, March 24 – Citigroup Global Markets Holdings Inc. priced $3.72 million of market-linked securities due June 26, 2026 – callable with contingent coupon with daily observation and contingent downside – linked to the lowest performing of the Russell 2000 index, the S&P 500 index and the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The notes will pay a contingent quarterly coupon at a 11.5% rate if all indexes close above their 70% interest barrier levels every day that period.
The notes will be callable on any quarterly observation date after one year.
The payout at maturity will be par unless any index finishes below its 60% downside threshold, in which case the payout will be par plus the return of the worst performing index with full exposure to losses.
Wells Fargo Securities, LLC is the agent.
| Issuer: | Citigroup Global Markets Holdings Inc.
|
| Guarantor: | Citigroup Inc.
|
| Issue: | Market linked securities – callable with contingent coupon with daily observation and contingent downside
|
| Underlying indexes: | Russell 2000 index, S&P 500 index, Nasdaq-100 index
|
| Amount: | $3,719,000
|
| Maturity: | June 26, 2026
|
| Coupon: | 11.5% annual rate, payable quarterly if all indexes finish above interest barrier levels on every day that period
|
| Price: | Par
|
| Payout at maturity: | Par unless any index finishes below downside threshold, in which case 1% loss per 1% decline of the worst performing index from its initial level
|
| Call: | At par on any quarterly observation date after one year
|
| Initial levels: | 4,002.87 for S&P, 1,777.74 for Russell, 12,741.44 for Nasdaq
|
| Interest barrier levels: | 2,802.009 for S&P, 1,244.418 for Russell, 8,919.008 for Nasdaq; 70% of initial levels
|
| Downside thresholds: | 2,401.722 for S&P, 1,066.644 for Russell, 7,644.864 for Nasdaq; 60% of initial levels
|
| Pricing date: | March 21
|
| Settlement date: | March 24
|
| Agent: | Wells Fargo Securities, LLC
|
| Fees: | 1.525%
|
| Cusip: | 17331HC20
|
|
|
|
|
© 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.
