Published on 3/26/2024 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $950,000 13.15% callable contingent coupon notes on indexes, ETF
By Kiku Steinfeld
Chicago, March 26 – Citigroup Global Markets Holdings Inc. priced $950,000 of callable contingent coupon equity linked securities due July 5, 2024 linked to the MSCI EAFE index, S&P 500 index and SPDR S&P Regional Banking ETF, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 13.15% paid quarterly if the worst performing asset closes at or above its 60% coupon barrier on the related valuation date, plus any previously unpaid coupons.
The securities may be called starting Oct. 2, 2023 at par and on any subsequent quarterly review date.
The payout at maturity will be par if the worst performing asset ends at or above its 60% final barrier. Otherwise investors will lose 1% for every 1% that the worst performing asset declines.
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: | Callable contingent coupon equity linked securities
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| Underlying assets: | MSCI EAFE index, S&P 500 index and SPDR S&P Regional Banking ETF
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| Amount: | $950,000
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| Maturity: | July 5, 2024
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| Coupon: | 13.15% paid quarterly if the worst performing asset closes at or above its 60% coupon barrier on the related valuation date, plus any previously unpaid coupons
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| Price: | Par
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| Payout at maturity: | If worst performing asset finishes at or above final barrier par; 1% loss for every 1% that worst performing asset declines if it ends below final barrier
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| Call: | Starting Oct. 2, 2023 at par and on any subsequent quarterly review date
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| Initial levels: | 2,131.72 for MSCI EAFE index, 4,450.38 for S&P, $40.83 for SPDR S&P Regional Banking ETF
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| Coupon barriers: | 1,279.032 for MSCI EAFE index, 2,670.228 for S&P, $24.498 for SPDR S&P Regional Banking ETF, 60% of initial levels
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| Final barriers: | 1,279.032 for MSCI EAFE index, 2,670.228 for S&P, $24.498 for SPDR S&P Regional Banking ETF, 60% of initial levels
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| Pricing date: | June 30, 2023
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| Settlement date: | July 6, 2023
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| Agent: | Citigroup Global Markets Inc.
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| Fees: | 1%
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| Cusip: | 17291RP89
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