Published on 8/16/2023 in the Prospect News Structured Products Daily.
New Issue: Citi prices $5.84 million 10% contingent income callable notes on Nasdaq, Russell, S&P
By Kiku Steinfeld
Chicago, Aug. 16 – Citigroup Global Markets Holdings Inc. priced $5.84 million of contingent income callable securities due Feb. 27, 2025 linked to the Nasdaq-100 index, Russell 2000 index and S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 10%, paid quarterly, if each underlying index closes at or above its 65% coupon barrier on each day of that quarterly period.
The securities may be called at par on any quarterly observation date.
If the worst performing index gains or ends above its 65% downside threshold, the payout at maturity will be par plus the contingent coupon. Investors will lose 1% for every 1% that the worst performing index declines if it finishes below its downside threshold level.
The notes are guaranteed by Citigroup Inc.
Citigroup Global Markets Inc. is the underwriter with Morgan Stanley Wealth Management as a selected dealer.
| Issuer: | Citigroup Global Markets Holdings Inc.
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| Guarantor: | Citigroup Inc.
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| Issue: | Contingent income callable securities
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| Underlying indexes: | Nasdaq-100 index, Russell 2000 index and S&P 500 index
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| Amount: | $5,839,000
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| Maturity: | Feb. 27, 2025
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| Coupon: | 10%, paid quarterly, if each underlying index closes at or above its 65% coupon barrier on each day of that quarterly period
|
| Price: | Par
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| Payout at maturity: | If worst performing index finishes at or above its downside threshold level, par; 1% loss for every 1% that worst performing index declines if it finishes below its downside threshold level
|
| Call option: | At par on any quarterly observation date
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| Initial levels: | 11,969.65 for Nasdaq, 1,890.485 for Russell, 3,970.04 for S&P
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| Downside thresholds: | 7,780.273 for Nasdaq, 1,228.815 for Russell, 2,580.526 for S&P, 65% of initial level
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| Coupon barriers: | 7,780.273 for Nasdaq, 1,228.815 for Russell, 2,580.526 for S&P, 65% of initial levels
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| Pricing date: | Feb. 24, 2023
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| Settlement date: | March 1, 2023
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| Underwriter: | Citigroup Global Markets Inc. with Morgan Stanley Wealth Management as selected dealer
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| Fees: | 2%
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| Cusip: | 17331CR74
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