Published on 2/25/2024 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $83,000 autocallable securities linked to Russell 2000, S&P 500
By Kiku Steinfeld
Chicago, Feb. 26 – Citigroup Global Markets Holdings Inc. priced $83,000 of 0% autocallable securities due June 30, 2028 linked to the Russell 2000 index and S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The securities will be called automatically starting on June 27, 2024 with a premium of a 7.75% annual rate if the worst performing index closes above its initial value on a quarterly review date.
If the worst performing index gains the payout at maturity will be par plus the premium for the final valuation date. The payout will be par if the worst performing index declines but by no more than the 20% buffer.
Otherwise investors will lose 1% for every 1% that the worst performing index declines beyond its buffer.
The notes are guaranteed by Citigroup Inc.
Citigroup Global Markets Inc. is the agent.
| Issuer: | Citigroup Global Markets Holdings Inc.
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| Guarantor: | Citigroup Inc.
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| Issue: | Autocallable securities
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| Underlying indexes: | Russell 2000 index and S&P 500 index
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| Amount: | $83,000
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| Maturity: | June 30, 2028
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If worst performing index gains, par plus premium for final valuation date; par if worst performing index declines but finishes at or above its 80% buffer; otherwise 1% loss for every 1% that worst performing index declines beyond the buffer
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| Call: | Automatically starting on June 27, 2024 with a premium of a 7.75% annual rate if the worst performing index closes above its initial value on a quarterly review date
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| Initial levels: | 1,849.930 for Russell 2000 index, 4,378.41 for S&P 500 index
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| Buffer: | 20%
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| Buffer levels: | 1,479.944 for Russell 2000 index, 3,502.728 for S&P 500 index, 80% of initial level
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| Pricing date: | June 27, 2023
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| Settlement date: | June 30, 2023
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| Agent: | Citigroup Global Markets Inc.
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| Fees: | 3.5%
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| Cusip: | 17291R6Q0
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