Published on 3/26/2024 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $130,000 dual directional buffer securities linked to index basket
By Kiku Steinfeld
Chicago, March 26 – Citigroup Global Markets Holdings Inc. priced $130,000 of 0% dual directional buffer securities due July 6, 2026 linked to an equal basket containing the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the basket finishes flat or gains, the payout at maturity will be par plus the return capped at par plus 45%.
The payout will be par plus the absolute value of the basket return if it declines but ends at or above the 85% buffer level.
Otherwise, 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 agent.
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 basket: | Russell 2000 index and S&P 500 index, equal weights
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Amount: | $130,000
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Maturity: | July 6, 2026
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | If basket finishes flat or gains, par plus basket return capped at par plus 45%; par plus absolute value of basket return if basket declines but ends at or above 85% buffer level; otherwise, 1% loss for every 1% that basket declines beyond 15%
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Initial levels: | 1,888.734 for Russell, 4,450.38 for S&P
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Buffer level: | 85% of initial level
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Buffer: | 15%
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Pricing date: | June 30, 2023
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Settlement date: | July 6, 2023
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Agent: | Citigroup Global Markets Inc.
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Fees: | 1.2%
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Cusip: | 17291R3H3
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