Chicago, Sept. 19 – Citigroup Global Markets Holdings Inc. priced $8.6 million of autocallable contingent coupon equity linked securities due Nov. 30, 2023 linked to the worst performing of the Invesco QQQ Trust, series 1 and SPDR S&P 500 ETF Trust, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 8% paid monthly if the worst performing ETF closes at or above its 60% coupon barrier on the related valuation date.
The securities will be called automatically at par starting Feb. 27, 2023 if the price of the worst performing ETF is greater than or equal to its initial price and on any subsequent monthly review date.
The payout at maturity will be par if the worst performing ETF ends at or above its initial level. Alternatively, investors will receive par if neither ETF closes below its 60% knock-in level during the life of the notes. Otherwise, investors will lose 1% for every 1% that the worst performing ETF declines, payable in cash or shares of the worst performer at the issuer’s option.
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 contingent coupon equity linked securities
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| Underlying ETFs: | Invesco QQQ Trust, Series 1 and SPDR S&P 500 ETF Trust
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| Amount: | $8,603,000
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| Maturity: | Nov. 30, 2023
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| Coupon: | 8% annual rate, paid monthly if the worst performing ETF closes at or above its 60% coupon barrier on the related valuation date
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| Price: | Par
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| Payout at maturity: | Par if both ETFs close above initial level; par if neither ETF closes below knock-in level during the life of the notes; otherwise, full exposure to losses of worst performer, payable in shares or cash at the issuer’s option
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| Call: | Automatically at par starting Feb. 27, 2023 if the price of the worst performing ETF is greater than or equal to its initial price and on any subsequent monthly review date
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| Initial levels: | $307.44 for QQQ, $405.31 for SPDR
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| Coupon barriers: | $184.464 for QQQ, $243.186 for SPDR, 60% of initial levels
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| Final barriers: | $184.464 for QQQ, $243.186 for SPDR, 60% of initial levels
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| Pricing date: | Aug. 26
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| Settlement date: | Aug. 31
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| Agent: | Citigroup Global Markets Inc.
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| Fees: | 2.25%
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| Cusip: | 17330DJC1
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