By Wendy Van Sickle
Columbus, Ohio, May 1 – Citigroup Global Markets Holdings Inc. priced $2.28 million of barrier securities with upside reset feature due April 28, 2028 linked to the performance of the Dow Jones industrial average and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
A reset event will occur if, on any trading day during the period from the pricing date to and including April 22, 2024, the closing value of the laggard index is less than the reset barrier value, which is 85% of the initial index value.
The upside barrier value will be the initial value if a reset event has not occurred. If a reset event has occurred, the upside barrier value will be equal to the 85% reset barrier value.
If the final value of the laggard index is greater than its upside barrier value, the payout at maturity will be par plus 111% of the underlying upside return of that index. The underlying upside return is (i) the final value minus the upside barrier value, divided by (ii) the initial value.
If the final value of the laggard index is less than or equal to its upside barrier value but greater than or equal to its downside barrier value, which is 70% of the initial value, the payout will be par.
If the final value is less than the downside barrier value, investors will be fully exposed to the decline of the laggard index from its initial value.
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: | Barrier securities with upside reset feature
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| Underlying indexes: | S&P 500 index, Dow Jones industrial average
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| Amount: | $2.28 million
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| Maturity: | April 28, 2028
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If the final value of the laggard index is greater than its upside barrier value, par plus 111% of the underlying upside return; if the final value of the laggard index is less than or equal to its upside barrier value but greater than or equal to its downside barrier value, par; if the final value of the laggard index is less than its downside barrier value, full exposure to the decline of that index from its initial value
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| Underlying upside return: | Final underlying value minus upside barrier value, divided by initial underlying value
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| Reset event: | Occurs if, on any trading day during the period from the pricing date to and including April 22, 2024, the closing value of the laggard index is less than the reset barrier value
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| Upside barrier value: | Initial value if a reset event has not occurred; if a reset event has occurred, 85% of the initial value
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| Initial values: | 33,808.96 for Dow, 4,133.52 for S&P
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| Reset barrier values: | 28,737.616 for Dow, 3,513.492 for S&P; 85% of initial levels
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| Downside barrier values: | 23,666.272 for Dow, 2,893.464 for S&P; 70% of initial levels
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| Pricing date: | April 21
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| Settlement date: | April 28
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| Agent: | Citigroup Global Markets Inc.
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| Fees: | 3%
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| Cusip: | 17331HMR4
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