Published on 5/22/2023 in the Prospect News Structured Products Daily.
New Issue: Citigroup sells $550,000 of market-linked securities on three indexes
Chicago, May 22 – Citigroup Global Markets Holdings Inc. priced $550,000 of market-linked securities – autocallable with contingent coupon and contingent downside – due June 29, 2026 linked to the least performing of the S&P 500 index, the Russell 2000 index and the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a 5% coupon on a monthly basis if all three indexes close above their 55% interest barrier levels on the related valuation date.
If all three indexes close above their initial levels on any monthly potential autocall date after six months, the notes will be called at par.
The payout at maturity will be par if all three indexes finish above their 50% final barrier values.
Otherwise, investors will have full downside exposure to the return of the worst performer.
The notes are guaranteed by Citigroup Inc.
Citigroup Global Markets Inc. and Wells Fargo Securities, LLC are the agents.
Issuer: | Citigroup Global Markets Holdings Inc.
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Guarantor: | Citigroup Inc.
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Issue: | Market-linked securities – autocallable with contingent coupon and contingent downside
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Underlying indexes: | S&P 500 index, Russell 2000 index, Dow Jones industrial average
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Amount: | $550,000
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Maturity: | June 29, 2026
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Coupon: | 5% annual rate, payable monthly if all three indexes close above interest barrier levels on related observation date
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Price: | Par
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Payout at maturity: | Par if all three indexes close above final barrier levels; otherwise, full exposure to losses of worst performer
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Call: | At par if all three indexes close above initial levels on any monthly potential autocall date after six months
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Initial levels: | 3,821.55 for S&P, 1,738.841 for Russell, 30,946.99 for Dow
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Interest barrier levels: | 2,101.8525 for S&P, 956.36255 for Russell, 17,020.8445 for Dow; 55% of initial levels
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Final barrier levels: | 1,910.775 for S&P, 869.4205 for Russell, 15,473.495 for Dow; 50% of initial levels
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Pricing date: | June 28, 2022
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Settlement date: | July 1, 2022
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Agents: | Citigroup Global Markets Inc. and Wells Fargo Securities, LLC
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Fees: | 2.35%
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Cusip: | 17330PNX3
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