Published on 12/28/2022 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $3.6 million geared buffer securities linked to 10-stock basket
By William Gullotti
Buffalo, N.Y., Dec. 28 – Citigroup Global Markets Holdings Inc. priced $3.6 million of 0% geared buffer securities due Dec. 3, 2025 linked to an equally-weighted basket of stocks, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The basket consists of the stocks of Boeing Co., Cloudflare, Inc., Crowdstrike Holdings, Inc., Fortinet, Inc., L3Harris Technologies, Inc., Okta, Inc., Palo Alto Networks, Inc., Raytheon Technologies Corp., Splunk Inc. and Zscaler, Inc.
If the basket finishes above its initial value, the payout at maturity will be par plus the gain, subject to a maximum return of par plus 95.5%.
If the basket finishes flat or falls by up to 20%, the payout will be par. Otherwise, investors will lose 1.25% for every 1% of basket decline beyond the 20% buffer.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Global Markets Holdings Inc.
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| Guarantor: | Citigroup Inc.
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| Issue: | Geared buffer securities
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| Underlying stocks: | Boeing Co., Cloudflare, Inc., Crowdstrike Holdings, Inc., Fortinet, Inc., L3Harris Technologies, Inc., Okta, Inc., Palo Alto Networks, Inc., Raytheon Technologies Corp., Splunk Inc., Zscaler, Inc.; equal weights
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| Amount: | $3.6 million
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| Maturity: | Dec. 3, 2025
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | Par plus any basket gain, subject to a maximum return of par plus 95.5%; par if the basket finishes flat or falls by up to 20%; otherwise, 1.25% loss for every 1% of basket decline beyond the 20% buffer
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| Initial levels: | $171.83 for Boeing, $45.56 for Cloudflare, $139.45 for Crowdstrike, $52.08 for Fortinet, $225.86 for L3Harris, $50.20 for Okta, $171.39 for Palo Alto, $96.90 for Raytheon, $76.48 for Splunk, $136.72 for Zscaler
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| Buffer level: | 80% of initial level
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| Pricing date: | Nov. 28
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| Settlement date: | Nov. 30
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 2.35%
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| Cusip: | 17330YF96
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