Published on 2/23/2024 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $767,000 8.75% autocallable contingent coupon equity notes on ETFs
Chicago, Feb. 23 – Citigroup Global Markets Holdings Inc. priced $767,000 of autocallable contingent coupon equity-linked securities due Jan. 22, 2026 linked to the worst performing of the SPDR S&P 500 ETF Trust, Technology Select Sector SPDR Fund and iShares Russell 2000 ETF, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 8.75% paid quarterly if the worst performing ETF closes at or above its 75% coupon barrier on the related valuation date.
The securities will be called automatically at par starting July 16, 2024 if the price of the worst performing ETF is greater than or equal to its initial price and on any subsequent quarterly valuation date.
If the worst performing ETF finishes at or above its 75% final barrier the payout at maturity will be par. Otherwise investors will lose 1% loss for every 1% that the worst performing ETF declines, payable in shares or cash at the issuer’s option.
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 ETFs: | SPDR S&P 500 ETF Trust, Technology Select Sector SPDR Fund and iShares Russell 2000 ETF
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Amount: | $767,000
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Maturity: | Jan. 22, 2026
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Coupon: | 8.75% annual rate, paid quarterly if the worst performing ETF closes at or above its 75% 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 issuer’s option
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Call: | Automatically at par starting July 16, 2024 if the price of the worst performing ETF is greater than or equal to its initial price and on any subsequent quarterly valuation date
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Initial levels: | $474.93 for S&P ETF, $192.72 for Technology Fund, $190.84 for Russell 2000 ETF
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Coupon barriers: | $356.198 for S&P ETF, $144.540 for Technology Fund, $143.130 for Russell 2000 ETF, 75% of initial levels
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Final barriers: | $356.198 for S&P ETF, $144.540 for Technology Fund, $143.130 for Russell 2000 ETF, 75% of initial levels
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Pricing date: | Jan. 16
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Settlement date: | Jan. 19
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Agent: | Citigroup Global Markets Inc.
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Fees: | 2.5%
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Cusip: | 17331AMG3
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