Published on 5/25/2023 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $3.44 million autocallable securities on Dow, S&P Dynamic Participation
New York, May 25 – Citigroup Global Markets Holdings Inc. priced $3.44 million of 0% autocallable securities due May 24, 2028 linked to the Dow Jones industrial average and the S&P 500 Dynamic Participation index, according to a 424B2 filing with the Securities and Exchange Commission.
The securities will be called automatically at par plus a 10.5% annualized premium if the worst performing index closes at or above its initial value on any monthly review date starting on May 22, 2024.
If the worst performing index finishes at or above its initial level, the payout at maturity will be par plus the premium for the final valuation date.
Investors will receive par if the worst performing index declines by no more than 15% and lose 1% for every 1% that the worst performing index declines beyond 15%.
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 indexes: | Dow Jones industrial average and S&P 500 Dynamic Participation index
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Amount: | $3,444,000
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Maturity: | May 24, 2028
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | If worst performing index finishes flat or gains, par plus premium for final valuation date; par if worst performing index declines but finishes at or above its 85% buffer; otherwise, 1% loss for every 1% that worst performing index declines beyond 15%
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Call: | Automatically at par plus a 10.5% annualized premium if the worst performing index closes at or above its initial value on any monthly review date starting on May 22, 2024
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Initial levels: | 33,426.63 for Dow Jones industrial average, 697.14 for S&P 500 Dynamic Participation index
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Buffer: | 15%
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Buffer level: | 28,412.636 for Dow Jones industrial average, 592.569 for S&P 500 Dynamic Participation index, 85% of initial level
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Pricing date: | May 19
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Settlement date: | May 24
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Agent: | Citigroup Global Markets Inc.
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Fees: | 4%
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Cusip: | 17331HL46
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