By Kiku Steinfeld
Chicago, April 22 – Citigroup Global Markets Holdings Inc. priced $485,000 of 0% buffer securities due July 31, 2025 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The lookback level is the lowest closing value of the index during the lookback observation period, which began on the pricing date and ended on Oct. 27, 2023.
If the index closing level is greater than the lookback level, the payout at maturity will be par plus 150% of the gain, capped at 18.75%. Investors will receive par if the index declines below the lookback level but ends at or above the 10% buffer and will lose 1% for every 1% that the index declines beyond the buffer.
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: | Buffer securities
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| Underlying index: | S&P 500 index
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| Amount: | $485,000
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| Maturity: | July 31, 2025
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | Par plus 150% of any index gain, capped at 18.75%; par if index declines but finishes above the 10% buffer; otherwise, exposure to decline in index beyond buffer
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| Upside leverage: | 150%
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| Cap: | 18.75%
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| Initial level: | Lowest closing value of the index from pricing date to and including Oct. 27, 2023
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| Buffer: | 10%
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| Call: | Non-callable
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| Pricing date: | July 27, 2023
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| Settlement date: | Aug. 1, 2023
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| Agent: | Citigroup Global Markets Inc.
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| Fees: | 1.75%
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| Cusip: | 17291RLW0
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