By Angela McDaniels
Tacoma, Wash., May 1 – Citigroup Global Markets Holdings Inc. priced $3.55 million of market linked securities – autocallable with contingent coupon and contingent downside due July 22, 2026 linked to the common stock of Tesla, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at the rate of 18.95% per year if the stock closes at or above the downside threshold, 60% of the initial share price, on the related calculation date.
The notes will be automatically called at par if the stock closes at or above its initial share price on any quarterly calculation date from January 2024 to April 2026.
If the notes are not called, the payout at maturity will be par unless the stock finishes below its downside threshold, in which case investors will lose 1% for every 1% that the stock declines from its initial share price.
The notes are guaranteed by Citigroup Inc.
Citigroup Global Markets Inc. is the lead agent with Wells Fargo Securities, LLC as agent.
| Issuer: | Citigroup Global Markets Holdings Inc.
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| Guarantor: | Citigroup Inc.
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| Issue: | Market linked securities – autocallable with contingent coupon and contingent downside
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| Underlying stock: | Tesla, Inc.
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| Amount: | $3,554,000
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| Maturity: | July 22, 2026
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| Coupon: | 18.95% per year, payable quarterly if stock closes at or above downside threshold on related calculation date
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| Price: | Par
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| Payout at maturity: | Par unless stock finishes below downside threshold, in which case 1% loss for every 1% that stock declines from initial share price
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| Call: | Automatically at par if stock closes at or above initial share price on any quarterly calculation date from January 2024 to April 2026
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| Initial share price: | $290.38
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| Downside threshold: | $174.228, or 60% of initial share price
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| Pricing date: | July 17, 2023
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| Settlement date: | July 20, 2023
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| Agents: | Citigroup Global Markets Inc. and Wells Fargo Securities, LLC
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| Fees: | 2.325%
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| Cusip: | 17291RJW3
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