Published on 3/27/2024 in the Prospect News Structured Products Daily.
New Issue: Citigroup sells $3.91 million 6.15% equity-linked securities on two ETFs
By William Gullotti
Buffalo, N.Y., March 27 – Citigroup Global Markets Holdings Inc. priced $3.91 million of equity-linked securities due Sept. 26, 2024 tied to the least performing of the shares of the Invesco QQQ Trust, Series 1 and the SPDR S&P 500 ETF Trust, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The notes carry a coupon of 6.15% per year, or 3.075% for the term, that will be paid monthly.
If each ETF finishes at or above 76.15% of its initial level, the payout at maturity will be par.
Otherwise, investors will receive a number of shares of the worst performer equal to $1,000 divided by that ETF’s initial share price or the cash equivalent at the issuer’s discretion.
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: | Equity-linked securities
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Underlying ETFs: | Invesco QQQ Trust, Series 1, SPDR S&P 500 ETF Trust
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Amount: | $3,907,000
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Maturity: | Sept. 26, 2024
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Coupon: | 6.15% per year, or 3.075% for the term, payable monthly
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Price: | Par
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Payout at maturity: | If each ETF finishes at or above barrier, par; otherwise, investors will receive shares of the worst performer equal to its equity ratio or the cash equivalent at the issuer’s discretion
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Initial levels: | $445.87 for QQQ, $522.20 for SPDR
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Barrier levels: | $345.549 for QQQ, $404.705 for SPDR; 76.15% of initial levels
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Equity ratio: | 2.24281 for QQQ, 1.91498 for SPDR; share delivery per note
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Pricing date: | March 21
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Settlement date: | March 26
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Underwriter: | Citigroup Global Markets Inc.
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Fees: | 0.75%
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Cusip: | 17331ALL3
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