Published on 12/15/2023 in the Prospect News Structured Products Daily.
New Issue: Citi sells $1.68 million callable contingent coupon equity notes on indexes, ETF
By William Gullotti
Buffalo, N.Y., Dec. 15 – Citigroup Global Markets Holdings Inc. priced $1.68 million of callable contingent coupon equity-linked securities due Dec. 17, 2025 linked to the worst performing of the S&P 500 index, the iShares MSCI EAFE ETF and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The notes pay a contingent monthly coupon at an annualized rate of 9% if each underlier closes at or above its coupon barrier level, 70% of its initial level, on the valuation date for that period.
After three months, the notes will be callable in whole at par plus any coupon due on any monthly call valuation date.
If the notes have not been called, the payout at maturity will be par plus the final coupon if all underliers finish at or above the 70% barrier level. Otherwise, investors will lose 1% for every 1% decline of the worst performer from its initial level.
Citigroup Global Markets Inc. is the underwriter.
| 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 assets: | Russell 2000 index, S&P 500 index, iShares MSCI EAFE ETF
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| Amount: | $1,676,000
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| Maturity: | Dec. 17, 2025
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| Contingent coupon: | 9% per year, payable monthly if each underlier closes at or above coupon barrier on the valuation date for that period
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| Price: | Par
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| Payout at maturity: | If all underliers finish at or above the 70% barrier level, par plus the final coupon; otherwise, lose 1% for every 1% decline of the worst performer from its initial level
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| Call option: | In whole at par plus any coupon due on any monthly call valuation date after three months
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| Initial levels: | $73.45 for ETF, 1,881.269 for Russell, 4,643.7 for S&P
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| Coupon barrier levels: | $51.415 for ETF, 1,316.888 for Russell, 3,250.59 for S&P; 70% of initial levels
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| Barrier levels: | $51.415 for ETF, 1,316.888 for Russell, 3,250.59 for S&P; 70% of initial levels
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| Pricing date: | Dec. 12
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| Settlement date: | Dec. 15
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 0.75%
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| Cusip: | 17291T6G8
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