Published on 12/22/2023 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $161,000 dual directional buffer securities linked to Russell, S&P
By Angela McDaniels
Tacoma, Wash., Dec, 22 – Citigroup Global Markets Holdings Inc. priced $161,000 of 0% dual directional buffer securities due May 1, 2026 linked to an equally weighted basket holding the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the final basket level is greater than or equal to the initial basket level, the payout at maturity will be par plus the basket return, subject to a maximum upside return of 46%.
If the final basket level is less than the initial basket level but greater than or equal to the buffer level, 85% of the initial basket level, the payout at maturity will be par plus the absolute value of the basket return.
If the final basket level is less than the buffer level, investors will lose 1% for every 1% that the basket declines beyond 15%.
The notes are guaranteed by Citigroup Inc.
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: | Dual directional buffer securities
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Underlying indexes: | Russell 2000 index and S&P 500 index, equally weighted
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Amount: | $161,000
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Maturity: | May 1, 2026
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | If final basket level is greater than or equal to initial basket level, par plus basket return, subject to maximum upside return of 46%; if final basket level is less than initial basket level but greater than or equal to buffer level, par plus absolute value of basket return; if final basket level is less than buffer level, 1% loss for every 1% that basket declines beyond 15%
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Initial levels: | 1,768.987 for Russell and 4,169.48 for S&P
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Buffer level: | 85% of initial level
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Pricing date: | April 28, 2023
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Settlement date: | May 3, 2023
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Underwriter: | Citigroup Global Markets Inc.
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Fees: | 1.2%
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Cusip: | 17331HMY9
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