Published on 12/1/2023 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $30,000 0% buffer securities linked to S&P ETF
Chicago, Dec. 1 – Citigroup Global Markets Holdings Inc. priced $30,000 of 0% buffer securities due May 1, 2025 linked to the SPDR S&P 500 ETF Trust, according to a 424B2 filing with the Securities and Exchange Commission.
If the ETF gains the payout at maturity will be par plus 200% of the ETF return subject to a maximum return of par plus 30%. Investors will receive par if the ETF declines but ends above the 20% buffer and will lose 1% for every 1% that the ETF declines beyond the buffer, payable as 2.61766 shares, or cash at the issuer’s election, plus a $200 cash buffer.
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: | Buffer securities
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Underlying ETF: | SPDR S&P 500 ETF Trust
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Amount: | $30,000
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Maturity: | May 1, 2025
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | If ETF gains, par plus 200% of ETF return subject to a maximum return of par plus 30%; par if ETF declines but finishes above the 20% buffer; otherwise, exposure to decline in ETF beyond buffer, payable as 2.61766 shares, or cash at the issuer’s option, plus $200 cash buffer
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Upside leverage: | 200%
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Initial level: | $382.02
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Buffer level: | $305.616, 80% of initial level
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Cap: | 30%
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Buffer: | 20%
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Call: | Non-callable
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Pricing date: | Oct. 26, 2022
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Settlement date: | Oct. 31, 2022
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Agent: | Citigroup Global Markets Inc.
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Fees: | 1.75%
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Cusip: | 17330DKU9
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