Published on 2/19/2023 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $350,000 autocallable securities linked to S&P 500
By Kiku Steinfeld
Chicago, Feb. 21 – Citigroup Global Markets Holdings Inc. priced $350,000 of 0% autocallable securities due Nov. 19, 2024 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Starting on Nov. 15, 2023, the securities will be called automatically with a premium of 8.85% per year if the index closes above its initial value on any quarterly review date. The initial value will be the lowest closing level of the index on any trading day between the pricing date and Jan. 13, 2023, inclusive.
If the index gains or finishes flat, the payout at maturity will be par plus 17.7%. If the index declines up to 30%, the payout will be par. Otherwise investors lose 1% for every 1% that the index declines.
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 index: | S&P 500 index
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| Amount: | $350,000
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| Maturity: | Nov. 19, 2024
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If index finishes at or above its initial value, par plus 17.7%; par if index declines up to 30%; otherwise, 1% loss for every 1% that index declines
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| Call: | Automatically starting on Nov. 15, 2023 with an annualized premium of 8.85% if the index closes above its initial value on any quarterly review date
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| Initial level: | Lowest closing level of the index on any trading day between Nov. 14, 2022 and Jan. 13, 2023, inclusive, but not lower than index level on the pricing date
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| Trigger level: | 70% of initial level
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| Pricing date: | Nov. 14, 2022
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| Settlement date: | Nov. 17, 2022
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| Agent: | Citigroup Global Markets Inc.
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| Fees: | 2.25%
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| Cusip: | 17330YD56
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