Published on 5/2/2023 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $2 million floating rate trigger callable yield notes on Russell, S&P
By William Gullotti
Buffalo, N.Y., May 2 – Citigroup Global Markets Holdings Inc. priced $2 million of floating rate trigger callable yield notes due April 30, 2025 linked to the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
Interest will be daily compounded SOFR plus 275 basis points, subject to a floor of 0%, and payable quarterly.
The notes are callable at par of $10 on any quarterly coupon payment date.
The payout at maturity will be par unless the lowest performing index finishes below its 60% downside threshold level, in which case investors will be fully exposed to that index’s decline.
Citigroup Global Markets Inc. and UBS Financial Services Inc. are the agents.
| Issuer: | Citigroup Global Markets Holdings Inc.
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| Guarantor: | Citigroup Inc.
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| Issue: | Floating rate trigger callable yield notes
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| Underlying indexes: | Russell 2000 index, S&P 500 index
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| Amount: | $2 million
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| Maturity: | April 30, 2025
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| Coupon: | SOFR plus 275 bps, subject to floor of 0%; paid quarterly
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| Price: | Par of $10
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| Payout at maturity: | If the lowest performing index finishes at or above downside threshold level, par; otherwise, full exposure to least performing index’s decline from initial level
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| Call option: | At par on any quarterly call date
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| Initial levels: | 1,788.874 for Russell, 4,137.04 for S&P
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| Downside threshold levels: | 1,073.324 for Russell, 2,482.22 for S&P; 60% of initial levels
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| Strike date: | April 24
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| Pricing date: | April 25
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| Settlement date: | April 28
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| Agents: | Citigroup Global Markets Inc. and UBS Financial Services Inc.
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| Fees: | 1%
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| Cusip: | 17331D410
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