Published on 6/30/2023 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $600,000 bearish buffer securities on Dow, Russell
Chicago, June 30 – Citigroup Global Markets Holdings Inc. priced $600,000 of 0% bearish buffer securities due July 14, 2023 linked to the highest performing of the Dow Jones industrial average and Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the best performer closes below its initial level, the payout will be par plus the 1.05 times the absolute value of the return capped at par plus 28%.
If the best performer finishes above its initial level but below 110% of its initial level, the payout will be par.
If the best performer finishes above 110% of its initial level, investors will lose 1% for each 1% gain beyond the buffer, floored at $900 per $1,000 note.
The securities are non-callable.
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: | Bearish buffer securities
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| Underlying indexes: | Dow Jones industrial average and Russell 2000 index
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| Amount: | $600,000
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| Maturity: | July 14, 2023
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | Par plus 1.05 times the absolute value of the return capped at par plus 28% if best performer finishes below initial level (positive return on investment); par if best performer gains, but finishes below 110% of initial level; otherwise, 1% loss for each 1% gain beyond 10% buffer if best performer finishes above 110% of initial level, with minimum payout of $900 per $1,000 note
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| Initial levels: | 30,967.82 for Dow, 1,741.33 for Russell
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| Buffer levels: | 34,064.602 for Dow, 1,915.463 for Russell, 110% of initial levels
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| Cap: | 28%
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| Buffer: | 10%
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| Call: | Non-callable
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| Pricing date: | July 5, 2022
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| Settlement date: | July 8, 2022
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| Agent: | Citigroup Global Markets Inc.
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| Fees: | 0.75%
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| Cusip: | 17330PCG2
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