By Toni Weeks
San Luis Obispo, Calif., Aug. 27 – Citigroup Inc. priced $2.38 million of 0% trigger performance securities due Aug. 28, 2024 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the index return is positive, the payout at maturity will be par of $10 plus 150% of the index return.
If the index return is zero or negative and the final level is greater than or equal to the trigger level, 50% of the initial level, the payout will be par.
If the final level is less than the trigger level, investors will be fully exposed to the decline in the index from its initial level.
Citigroup Global Markets Inc. is the underwriter. UBS Financial Services Inc. is the agent.
Issuer: | Citigroup Inc.
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Issue: | Trigger performance securities
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Underlying index: | S&P 500
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Amount: | $2,375,000
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Maturity: | Aug. 28, 2024
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Coupon: | 0%
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Price: | Par of $10
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Payout at maturity: | If index return is positive, par plus 150% of index return; par if index falls by up to 50%; fully exposed to losses from initial level if it falls by more than 50%
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Initial level: | 1,988.4
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Trigger level: | 994.2, 50% of initial level
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Pricing date: | Aug. 22
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Settlement date: | Aug. 27
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Underwriter: | Citigroup Global Markets Inc. with UBS Financial Services Inc. as agent
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Fees: | 5%
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Cusip: | 17322H263
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