Published on 9/29/2023 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $880,000 9.65% callable contingent coupon notes on ETFs
By Kiku Steinfeld
Chicago, Sept. 29 – Citigroup Global Markets Holdings Inc. priced $880,000 of callable contingent coupon equity linked securities due March 23, 2026 linked to the Invesco QQQ Trust, Series 1, SPDR S&P 500 ETF Trust and iShares Russell 2000 ETF, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 9.65% paid quarterly if the worst performing ETF closes at or above its 60% coupon barrier on the related valuation date.
The securities may be called starting June 16 and on any subsequent quarterly review date.
The payout at maturity will be par if the worst performing ETF ends at or above its 60% final barrier. Otherwise investors will lose 1% for every 1% that the worst performing ETF declines, payable in shares or cash at the option of the issuer.
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: | Callable contingent coupon equity linked securities
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| Underlying ETFs: | Invesco QQQ Trust, Series 1, SPDR S&P 500 ETF Trust and iShares Russell 2000 ETF
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| Amount: | $880,000
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| Maturity: | March 23, 2026
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| Coupon: | 9.65% paid quarterly 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: | If worst performing ETF finishes at or above final barrier par; 1% loss for every 1% that worst performing ETF declines if it ends below final barrier, payable in shares or cash at the option of the issuer
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| Call: | Starting June 16 and on any subsequent quarterly review date
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| Initial levels: | $298.93 for Invesco QQQ Trust, Series 1, $389.28 for SPDR S&P 500 ETF Trust, $173.61 for iShares Russell 2000 ETF
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| Coupon barriers: | $179.358 for Invesco QQQ Trust, Series 1, $233.568 for SPDR S&P 500 ETF Trust, $104.166 for iShares Russell 2000 ETF, 60% of initial levels
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| Final barriers: | $179.358 for Invesco QQQ Trust, Series 1, $233.568 for SPDR S&P 500 ETF Trust, $104.166 for iShares Russell 2000 ETF, 60% of initial levels
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| Equity ratios: | 3.34526 for Invesco QQQ Trust, Series 1, 5.76004 for SPDR S&P 500 ETF Trust, 2.56885 for iShares Russell 2000 ETF
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| Pricing date: | March 16, 2023
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| Settlement date: | March 23, 2023
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| Agent: | Citigroup Global Markets Inc.
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| Fees: | 2%
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| Cusip: | 17331ACM1
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