Published on 5/28/2023 in the Prospect News Structured Products Daily.
New Issue: Citigroup sells $500,000 geared autocallable buffer notes on S&P 500
By Kiku Steinfeld
Chicago, May 30 – Citigroup Global Markets Holdings Inc. priced $500,000 of 0% geared autocallable buffer securities due Jan. 22, 2026 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes priced at 99 for $495,000 of proceeds.
The notes are guaranteed by Citigroup Inc.
The notes will be called at par plus 10.65% if the index closes at or above its initial level on Jan. 26, 2024.
The payout at maturity will be par plus 1.25 times any index gain.
Investors will receive par if the index falls by up to 30% and will lose 1.4286% for every 1% that the index declines beyond 30%.
Citigroup Global Markets Inc. is the underwriter. J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA are placement agents.
| Issuer: | Citigroup Global Markets Holdings Inc.
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| Guarantor: | Citigroup Inc.
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| Issue: | Geared autocallable buffer securities
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| Underlying index: | S&P 500 index
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| Amount: | $500,000
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| Proceeds: | $495,000
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| Maturity: | Jan. 22, 2026
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| Coupon: | 0%
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| Price: | 99
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| Call: | Automatically at par plus 10.65% if the index closes at or above its initial level on Jan. 26, 2024
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| Payout at maturity: | If the final level of the index is greater than or equal to its initial level, par plus 1.25 times the return of the index; if the final level of the index is less than its initial level but greater than or equal to its buffer level, par; otherwise, investors will lose 1.4286% for every 1% that the index declines beyond 30%
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| Initial level: | 3,972.61
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| Buffer level: | 2,780.827, 70% of initial level
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| Pricing date: | Jan. 20, 2023
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| Settlement date: | Jan. 24, 2023
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| Underwriter: | Citigroup Global Markets Inc.
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| Placement agents: | J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA
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| Fees: | 1%
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| Cusip: | 17331CCB1
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