Published on 9/9/2021 in the Prospect News Structured Products Daily.
New Issue: Citigroup sells $14.35 million of geared autocallable buffer notes on S&P 500
By Wendy Van Sickle
Columbus, Ohio, Sept. 9 – Citigroup Global Markets Holdings Inc. priced $14.35 million of 0% geared autocallable buffer securities due Sept. 5, 2025 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The notes will be called at par plus 9.35% if the index closes at or above its initial level on Sept. 6, 2022.
The payout at maturity will be par plus 1.3 times any index gain.
Investors will receive par if the index falls by up to 15% and will lose 1.1765% for every 1% that the index declines beyond 15%.
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: | Geared autocallable buffer securities
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Underlying index: | S&P 500 index
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Amount: | $14,348,000
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Maturity: | Sept. 5, 2025
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Coupon: | 0%
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Price: | Par
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Call: | Automatically at par plus 9.35% if the index closes at or above its initial level on Sept. 6, 2022
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Payout at maturity: | If the final level of the index is greater than or equal to its initial level, par plus 1.3 times the return of the index; if the final level of the index is less than its initial level but greater than or equal to its buffer level, par; otherwise, investors will lose 1.1765% for every 1% that the index declines beyond 15%.
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Initial level: | 4,522.68
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Buffer level: | 3,844.278, 85% of initial level
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Pricing date: | Aug. 31
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Settlement date: | Sept. 3
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Underwriter: | Citigroup Global Markets Inc.
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Fees: | 0%
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Cusip: | 17329QDQ0
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