By William Gullotti
Buffalo, N.Y., April 5 – Citigroup Global Markets Holdings Inc. priced $3.09 million of barrier securities with upside reset feature due April 1, 2027 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
A reset event will occur if on any trading day during the period from the pricing date to and including March 9, 2023 the closing value of the index is less than the reset barrier value, which is 90% of the initial value of the index.
The upside barrier value will be the initial value if a reset event has not occurred. If a reset event has occurred, the upside barrier value will be equal to the 90% reset barrier value.
If the final value of the index is greater than the upside barrier value, the payout at maturity will be par plus the underlying upside return. The underlying upside return is (i) the final value minus the upside barrier value, divided by (ii) the initial value.
If the final value is less than or equal to the upside barrier value but greater than or equal to the downside barrier value, which is 80% of the initial value, the payout will be par.
If the final value is less than the downside barrier value, investors will be fully exposed to the losses of the index.
Citigroup Global Markets Inc. is the agent.
| Issuer: | Citigroup Global Markets Holdings Inc.
|
| Guarantor: | Citigroup Inc.
|
| Issue: | Barrier securities with upside reset feature
|
| Underlying index: | S&P 500 index
|
| Amount: | $3,093,000
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| Maturity: | April 1, 2027
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| Coupon: | 0%
|
| Price: | Par
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| Payout at maturity: | If the final value is greater than the upside barrier value, par plus the underlying upside return; if the final value is less than or equal to the upside barrier value but greater than or equal to the downside barrier value, par; if the final value is less than the downside barrier value, full exposure to the losses of the index
|
| Underlying upside return: | Final underlying value minus upside barrier value, divided by initial underlying value
|
| Reset event: | Occurs if on any trading day during the period from the pricing date to and including March 9, 2023 the closing value of the index is less than the reset barrier value
|
| Upside barrier value: | Initial value if a reset event has not occurred; if a reset event has occurred, 90% of the initial value
|
| Initial value: | 4,631.6
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| Reset barrier value: | 4,168.44; 90% of initial level
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| Downside barrier value: | 3,705.28; 80% of initial level
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| Pricing date: | March 29
|
| Settlement date: | April 1
|
| Agent: | Citigroup Global Markets Inc.
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| Fees: | 2.5%
|
| Cusip: | 17330AW99
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