Published on 3/15/2024 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $9 million step down trigger autocallables on S&P, Russell, Stoxx
By William Gullotti
Buffalo, N.Y., March 15 – Citigroup Global Markets Holdings Inc. priced $9 million of 0% step down trigger autocallable notes due March 11, 2027 linked to the performance of the S&P 500 index, the Russell 2000 index and the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be automatically called at par of $10 plus 9.7% per year if each index closes at or above its initial level on any quarterly observation date after one year or finishes at or above its downside threshold, the final valuation date. The downside threshold for each index is 70% of its initial level.
If the notes are not subject to an automatic call, investors will be exposed to the decline of the lesser-performing index from its initial level.
The notes are guaranteed by Citigroup Inc.
Citigroup Global Markets Inc. and UBS Financial Services Inc. are the underwriters.
| Issuer: | Citigroup Global Markets Holdings Inc.
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| Guarantor: | Citigroup Inc.
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| Issue: | Step down trigger autocallable notes
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| Underlying indexes: | S&P 500 index, Russell 2000 index, Euro Stoxx 50 index
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| Amount: | $9 million
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| Maturity: | March 11, 2027
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| Coupon: | 0%
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| Price: | Par of $10
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| Payout at maturity: | Full exposure to decline of lesser-performing index from initial level
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| Call: | Automatically at par plus 9.7% per year if each index closes at or above initial level on any quarterly valuation date after one year, or finishes at or above downside threshold
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| Initial levels: | 5,123.69 for S&P, 2,082.713 for Russell, 4,961.11 for Stoxx
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| Downside thresholds: | 3,586.58 for S&P, 1,457.899 for Russell, 3,472.78 for Stoxx; 70% of initial levels
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| Pricing date: | March 8
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| Settlement date: | March 13
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| Underwriters: | Citigroup Global Markets Inc. and UBS Financial Services Inc.
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| Fees: | 1.7%
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| Cusip: | 17331N418
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