Published on 10/4/2023 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $325,000 8.5% autocallable contingent coupon notes on ETFs
By Kiku Steinfeld
Chicago, Oct. 4 – Citigroup Global Markets Holdings Inc. priced $325,000 of autocallable contingent coupon equity linked securities due March 26, 2024 linked to the Invesco QQQ Trust, Series 1 and SPDR S&P 500 ETF Trust, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 8.5% paid quarterly if the worst performing ETF closes at or above its 75% coupon barrier on the related valuation date, plus any previously unpaid coupons.
The securities will be called automatically if the price of the worst performing ETF is greater than or equal to its initial price on a quarterly.
If the worst performing ETF finishes at or above its 75% final barrier the payout at maturity will be par. Otherwise investors will lose 1% loss for every 1% that the worst performing ETF declines, payable in shares or cash at the option of the issuer.
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 contingent coupon equity linked securities
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| Underlying ETFs: | Invesco QQQ Trust, Series 1 and SPDR S&P 500 ETF Trust
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| Amount: | $325,000
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| Maturity: | March 26, 2024
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| Coupon: | 8.5% paid quarterly if the worst performing ETF closes at or above its 75% 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 ETF finishes at or above final barrier par; 1% loss for every 1% that worst performing ETF declines if it ends below final barrier, payable in shares or cash at the option of the issuer
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| Call: | Automatically if the price of the worst performing ETF is greater than or equal to its initial price on a quarterly valuation date
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| Initial levels: | $310.34 for Invesco QQQ Trust, Series 1, $398.91 for SPDR S&P 500 ETF Trust
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| Coupon barriers: | $232.755 for Invesco QQQ Trust, Series 1, $299.183 for SPDR S&P 500 ETF Trust, 75% of initial levels
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| Final barriers: | $232.755 for Invesco QQQ Trust, Series 1, $299.183 for SPDR S&P 500 ETF Trust, 75% of initial levels
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| Equity ratios: | 3.22227 for Invesco QQQ Trust, Series 1, 2.50683 for SPDR S&P 500 ETF Trust
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| Pricing date: | March 21, 2023
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| Settlement date: | March 24, 2023
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| Agent: | Citigroup Global Markets Inc.
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| Fees: | 1%
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| Cusip: | 17331ACD1
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