Published on 4/17/2024 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $3.76 million contingent coupon equity linked autocalls on three stocks
New York, April 17 – Citigroup Global Markets Holdings Inc. priced $3.76 million of autocallable contingent coupon equity linked securities due March 27, 2026 linked to the common stocks of Alphabet Inc., Apple Inc. and Bank of America Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 10.35%, paid monthly, 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 if the closing price of the worst performing stock is greater than or equal to its initial price on any monthly valuation date starting June 25.
If the worst performing stock finishes at or above its 60% final barrier, the payout at maturity will be par.
Otherwise, investors will receive a number of shares of the worst performing stock equal to $1,000 divided by that stock’s initial price or, at the issuer’s option, the cash equivalent.
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: | Alphabet Inc., Apple Inc. and Bank of America Corp.
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Amount: | $3,761,000
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Maturity: | March 27, 2026
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Coupon: | 10.35%, paid monthly 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; otherwise, receive a number of shares of the worst performing stock equal to that stock’s equity ratio or, at the issuer’s option, the cash equivalent
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Call: | Automatically at par if the closing price of the worst performing stock is greater than or equal to its initial price on any monthly valuation date starting June 25
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Initial levels: | $150.93 for Alphabet Inc., $171.48 for Apple Inc., $37.92 for Bank of America Corp.
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Coupon barriers: | $90.558 for Alphabet Inc., $102.888 for Apple Inc., $22.752 for Bank of America Corp., 60% of initial levels
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Final barriers: | $90.558 for Alphabet Inc., $102.888 for Apple Inc., $22.752 for Bank of America Corp., 60% of initial levels
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Equity ratios: | 6.62559 for Alphabet Inc., 5.83158 for Apple Inc., 26.37131 for Bank of America Corp., shares delivered per security
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Pricing date: | March 28
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Settlement date: | April 2
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Agent: | Citigroup Global Markets Inc.
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Fees: | 3.25%
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Cusip: | 17331ANT4
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