Published on 2/24/2023 in the Prospect News Structured Products Daily.
New Issue: Citigroup sells $2.87 million 8.7% autocallable contingent coupon equity notes on indexes
Chicago, Feb. 24 – Citigroup Global Markets Holdings Inc. priced $2.87 million of autocallable contingent coupon equity linked securities due Feb. 23, 2028 linked to the worst performing of the Dow Jones industrial average, Russell 2000 index and S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 8.7% paid quarterly if the worst performing index closes at or above its 70% coupon barrier on the related valuation date, plus any previously unpaid coupons.
The securities will be called automatically starting Feb. 20, 2024 if the price of the worst performing index is greater than or equal to its initial price and on any subsequent quarterly valuation date.
If the worst performing index finishes at or above its 60% final barrier the payout at maturity will be par. Otherwise investors will lose 1% loss for every 1% that the worst performing index declines.
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 indexes: | Dow Jones industrial average, Russell 2000 index and S&P 500 index
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| Amount: | $2.87 million
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| Maturity: | Feb. 23, 2028
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| Coupon: | 8.7% annual rate, paid quarterly if the worst performing index closes at or above its 70% coupon barrier on the related valuation date, plus any previously unpaid coupons
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| Price: | Par
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| Payout at maturity: | If worst performing index finishes at or above final barrier par; 1% loss for every 1% that worst performing index declines if it ends below final barrier
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| Call: | Automatically starting Feb. 20, 2024 if the price of the worst performing index is greater than or equal to its initial price and on any subsequent quarterly valuation date
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| Initial levels: | 33,826.69 for Dow, 1,946.356 for Russell, 4,079.09 for S&P
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| Coupon barriers: | 23,678.683 for Dow, 1,362.449 for Russell, 2,855.363 for S&P, 70% of initial levels
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| Final barriers: | 20,296.014 for Dow, 1,167.814 for Russell, 2,447.454 for S&P, 60% of initial levels
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| Pricing date: | Feb. 17
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| Settlement date: | Feb. 23
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| Agent: | Citigroup Global Markets Inc.
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| Fees: | 0.5%
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| Cusip: | 17331CQQ3
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