Published on 5/18/2023 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $103,000 0% buffer securities linked to S&P 500 ETF
Chicago, May 18 – Citigroup Global Markets Holdings Inc. priced $103,000 of 0% buffer securities due Jan. 2, 2025 linked to the SPDR S&P 500 ETF Trust, according to a 424B2 filing with the Securities and Exchange Commission.
If the ETF gains the payout at maturity will be par plus 200% of the ETF return subject to a maximum return of par plus 25%. Investors will receive par if the ETF declines but ends above the 15% buffer and will lose 1% for every 1% that the ETF declines beyond the buffer, payable as 2.57341 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.
|
| Guarantor: | Citigroup Inc.
|
| Issue: | Buffer securities
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| Underlying ETF: | SPDR S&P 500 ETF Trust
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| Amount: | $103,000
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| Maturity: | Jan. 2, 2025
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| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | If ETF gains, par plus 200% of ETF return subject to a maximum return of par plus 25%; par if ETF declines but finishes above the 15% buffer; otherwise, exposure to decline in ETF beyond buffer, payable in cash or shares at the issuer’s option
|
| Upside leverage: | 200%
|
| Cap: | 25%
|
| Initial level: | $388.59
|
| Buffer level: | $330.3015, 85% of initial level
|
| Equity ratio: | 2.57341
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| Buffer: | 15%
|
| Call: | Non-callable
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| Pricing date: | June 27, 2022
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| Settlement date: | June 30, 2022
|
| Agent: | Citigroup Global Markets Inc.
|
| Fees: | 1.75%
|
| Cusip: | 17330DGB6
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