Published on 4/23/2024 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $3.3 million buffered digital securities on indexes, fund
By Wendy Van Sickle
Columbus, Ohio, April 23 – Citigroup Global Markets Holdings Inc. priced $3.3 million of 0% buffered digital securities due May 20, 2025 linked to the performance of the Utilities Select Sector SPDR fund, the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
If the final level of each asset is greater than or equal to its 90% buffer level, the payout at maturity will be par plus the 12.35% digital payment.
If the laggard asset declines by more than 10% but finishes at or above its 75% digital barrier, investors will receive par plus the digital payment less 1% for each 1% decline of that asset beyond 10%.
Otherwise, investors will lose 1% for every 1% that the laggard asset declines beyond 10%.
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: | Buffered digital securities
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| Underlying assets: | Utilities Select Sector SPDR fund, S&P 500 index, Russell 2000 index
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| Amount: | $3.3 million
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| Maturity: | May 20, 2025
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If each asset’s final level is greater or equal to its buffer level, par plus 12.35% digital payment; if laggard asset falls by more than 10% but finishes at or above digital barrier, par plus digital payment minus 1% for each 1% decline of laggard asset beyond 10%; otherwise, 1% loss for every 1% decline of laggard asset beyond 10%
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| Initial levels: | 5,123.69 for S&P, 2,082.713 for Russell, $65.36 for Utilities Select
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| Buffer levels: | 4,355.137 for S&P, 1,770.306 for Russell,$58.842 for Utilities Select; 90% of initial levels
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| Digital barriers: | 2,561.845 for S&P, 1,041.357 for Russell, $49.02 for Utilities Select; 75% of initial levels
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| Digital payment: | 12.35%
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| Strike date: | April 2
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| Pricing date: | April 15
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| Settlement date: | April 18
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 0.15%
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| Cusip: | 17331AF22
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