Published on 10/13/2022 in the Prospect News Structured Products Daily.
New Issue: Citi sells $3.1 million autocallable barrier securities on three decrement indexes
By William Gullotti
Buffalo, N.Y., Oct. 13 – Citigroup Global Markets Holdings Inc. priced $3.1 million of 0% autocallable barrier securities due Oct. 10, 2025 linked to the performance of the Nasdaq-100 Total Return 2% Decrement index, the S&P 500 3% Decrement index TR and the Russell 2000 2% Decrement index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be automatically redeemed at par plus a 20% call premium if all indexes close at or above their call level, 90% of initial level, on Oct. 11, 2023.
If the notes are not called and all indexes finish at or above their initial levels, the payout at maturity will be par plus 150% of the return of the least performing index.
If the worst performer declines but finishes at or above 70% of its initial level, the payout will be par.
Otherwise, investors will lose 1% for each 1% decline of the worst performer from its initial level.
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 barrier securities
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| Underlying indexes: | Nasdaq-100 Total Return 2% Decrement index, S&P 500 3% Decrement index TR, Russell 2000 2% Decrement index
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| Amount: | $3,101,000
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| Maturity: | Oct. 10, 2025
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If all indexes finish positive, par plus 150% of return of worst performer; par if worst performer declines but finishes at or above barrier level; otherwise, investors will lose 1% for each 1% decline from the initial level of the worst performing index
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| Call: | At par plus 20% call premium if each index closes at or above call level on Oct. 11, 2023
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| Initial levels: | 782.72 for Nasdaq, 761.01 for S&P, 1,266.71 for Russell
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| Call levels: | 704.448 for Nasdaq, 684.909 for S&P, 1,140.039 for Russell; 90% of initial levels
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| Trigger levels: | 547.904 for Nasdaq, 532.707 for S&P, 886.697 for Russell; 70% of initial levels
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| Pricing date: | Oct. 7
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| Settlement date: | Oct. 13
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| Agent: | Citigroup Global Markets Inc.
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| Fees: | 3.5%
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| Cusip: | 17330RTR6
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