By William Gullotti
Buffalo, N.Y., Dec. 29 – Citigroup Global Markets Holdings Inc. priced $2.18 million of 0% autocallable securities due Nov. 28, 2025 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The securities will be called automatically at par plus an 11% annualized call premium if the index closes at or above its call level on any quarterly review date starting on Dec. 1, 2023. Call level starts at 100% of initial level and steps down by 5% on each subsequent February valuation date.
If the index finishes at or above 90% of its initial level, the payout at maturity will be par plus 33%.
Investors will receive par if the index further declines but ends at or above the 70% barrier and lose 1% for every 1% that the index declines if it finishes below its barrier.
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 securities
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Underlying index: | S&P 500 index
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Amount: | $2,176,000
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Maturity: | Nov. 28, 2025
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | If index finishes at or above 90% of its initial value, par plus 33%; par if index declines but finishes at or above its 70% barrier; otherwise, 1% loss for every 1% that index declines from initial level
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Call: | Automatically at par plus an 11% annualized call premium if the index closes at or above its call level on any quarterly review date starting on Dec. 1, 2023; call level starts at 100% of initial level, stepping down to 95% on Feb. 23, 2024 and to 90% on Feb. 24, 2025
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Initial level: | 4,027.26
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Final barrier: | 2,819.082, 70% of initial level
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Pricing date: | Nov. 23
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Settlement date: | Nov. 29
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Agent: | Citigroup Global Markets Inc.
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Fees: | 2.25%
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Cusip: | 17330YQB9
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