Published on 8/28/2023 in the Prospect News Structured Products Daily.
New Issue: Citi prices $2.78 million callable contingent market-linked securities on four indexes
By William Gullotti
Buffalo, N.Y., Aug. 28 – Citigroup Global Markets Holdings Inc. sold $2.78 million of market-linked securities – callable with contingent coupon and contingent downside due Aug. 22, 2024 linked to the Dow Jones industrial average, the Nasdaq-100 index, the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be guaranteed by Citigroup Inc.
The notes will pay a contingent monthly interest payment at the rate of 10.05% per year if each index closes at or above the coupon barrier level, 75% of the initial level, on the observation date for that period.
The notes may be called at par plus any coupon otherwise due on any monthly observation date after six months.
The payout at maturity will be par plus the final coupon if each index finishes at or above its 75% threshold level.
Otherwise, investors will be fully exposed to the decline of the worst performer from its initial level.
Citigroup Global Markets Inc. and Wells Fargo Securities, LLC are the agents.
| Issuer: | Citigroup Global Markets Holdings Inc.
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| Guarantor: | Citigroup Inc.
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| Issue: | Market-linked securities – callable with contingent coupon and contingent downside
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| Underlying indexes: | S&P 500 index, Russell 2000 index, Nasdaq-100 index, Dow Jones industrial average
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| Amount: | $2,776,000
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| Maturity: | Aug. 22, 2024
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| Coupon: | 10.05% annual rate, payable monthly if all indexes close at or above their coupon barrier levels on the relevant observation date
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| Price: | Par
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| Payout at maturity: | Par plus final coupon if each index finishes at or above threshold; otherwise, full exposure to decline of worst performer from initial level
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| Call option: | At par plus any coupon otherwise due on any monthly observation date after six months
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| Initial levels: | 4,369.71 for S&P, 1,859.421 for Russell, 14,694.84 for Nasdaq, 34,500.66 for Dow
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| Coupon barriers: | 3,277.2825 for S&P, 1,394.56575 for Russell, 11,021.13 for Nasdaq, 25,875.495 for Dow; 75% of initial levels
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| Threshold levels: | 3,277.2825 for S&P, 1,394.56575 for Russell, 11,021.13 for Nasdaq, 25,875.495 for Dow; 75% of initial levels
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| Pricing date: | Aug. 18
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| Settlement date: | Aug. 23
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| Agents: | Citigroup Global Markets Inc. and Wells Fargo Securities, LLC
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| Fees: | 1.325%
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| Cusip: | 17291Q3L6
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