By William Gullotti
Buffalo, N.Y., July 12 – Citigroup Global Markets Holdings Inc. priced $3.23 million of 0% geared autocallable buffer securities due July 6, 2026 linked to the SPDR S&P Oil & Gas Exploration & Production ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The notes will be automatically called at par plus a 20% call premium if the ETF closes at or above its initial level on June 30, 2023.
If the ETF finishes above its initial value, the payout at maturity will be par plus 2.1 times the gain.
If the ETF finishes flat or falls by up to 30%, the payout will be par.
Otherwise, investors will lose 1.428571% for every 1% of ETF decline beyond the 30% buffer.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Global Markets Holdings Inc.
|
| Guarantor: | Citigroup Inc.
|
| Issue: | Geared autocallable buffer securities
|
| Underlying fund: | SPDR S&P Oil & Gas Exploration & Production ETF
|
| Amount: | $3,225,000
|
| Maturity: | July 6, 2026
|
| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | Par plus 2.1 times any ETF gain; par if the ETF finishes flat or falls by up to 30%; otherwise, 1.428571% loss for every 1% ETF decline beyond the 30% buffer
|
| Call: | Automatically at par plus a 20% call premium if the ETF closes at or above its initial value on June 30, 2023
|
| Initial value: | $119.48
|
| Buffer value: | $83.636; 70% of initial value
|
| Pricing date: | June 30
|
| Settlement date: | July 6
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | None
|
| Cusip: | 17330PR76
|
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