Published on 4/25/2023 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $729,000 14% autocallable contingent coupon notes on four stocks
Chicago, April 25 – Citigroup Global Markets Holdings Inc. priced $729,000 of autocallable contingent coupon equity linked securities due May 29, 2025 linked to the worst performing of the common stocks of Apple Inc., JPMorgan Chase & Co., Microsoft Corp. and Walmart Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 14% paid quarterly if the worst performing stock closes at or above its 60% coupon barrier on the related valuation date.
The securities will be called automatically at par starting Aug. 25, 2022 if the price of the worst performing stock is greater than or equal to its initial price and on any subsequent quarterly valuation date.
If the worst performing stock finishes at or above its 60% final barrier the payout at maturity will be par. Otherwise investors will lose 1% loss for every 1% that the worst performing stock declines, payable as shares of the worst performer or cash at the issuer’s option.
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 contingent coupon equity linked securities
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Underlying stocks: | Apple Inc., JPMorgan Chase & Co., Microsoft Corp. and Walmart Inc.
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Amount: | $729,000
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Maturity: | May 29, 2025
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Coupon: | 14% annual rate, paid quarterly if the worst performing stock closes at or above its 60% coupon barrier on the related valuation date
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Price: | Par
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Payout at maturity: | If worst performing stock finishes at or above final barrier par; 1% loss for every 1% that worst performing stock declines if it ends below final barrier, payable as shares of that stock or cash at the issuer’s option
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Call: | Automatically at par starting Aug. 25, 2022 if the price of the worst performing stock is greater than or equal to its initial price and on any subsequent quarterly valuation date
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Initial levels: | $143.78 for Apple, $129.44 for JPMorgan, $265.90 for Microsoft, $126.00 for Walmart
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Coupon barriers: | $86.268 for Apple, $77.664 for JPMorgan, $159.540 for Microsoft, $75.600 for Walmart, 60% of initial levels
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Final barriers: | $86.268 for Apple, $77.664 for JPMorgan, $159.540 for Microsoft, $75.600 for Walmart, 60% of initial levels
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Pricing date: | May 26, 2022
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Settlement date: | May 31, 2022
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Agent: | Citigroup Global Markets Inc.
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Fees: | 3.25%
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Cusip: | 17330DDQ6
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