By Angela McDaniels
Tacoma, Wash., May 1 – Citigroup Global Markets Holdings Inc. priced $1.65 million of trigger autocallable contingent yield notes due Jan. 23, 2025 linked to the common stock of Comerica 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 23.2% per year if Comerica shares close at or above the downside threshold level, 60% of the initial share price, on the observation date for that quarter.
The notes will be automatically called at par of $10 if Comerica shares close at or above the initial share price on any quarterly observation date.
If the notes are not called and the final share price is greater than or equal to the downside threshold level, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% that the final share price is less than the initial share price.
The notes are guaranteed by Citigroup Inc.
Citigroup Global Markets Inc. is the underwriter, and UBS Financial Services Inc. is agent.
| Issuer: | Citigroup Global Markets Holdings Inc.
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| Guarantor: | Citigroup Inc.
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| Issue: | Trigger autocallable contingent yield notes
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| Underlying stock: | Comerica Inc.
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| Amount: | $1.65 million
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| Maturity: | Jan. 23, 2025
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| Coupon: | 23.2% per year, payable quarterly if Comerica shares close at or above downside threshold level on observation date for that quarter
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| Price: | Par
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| Payout at maturity: | If notes are not called and final share price is greater than or equal to downside threshold level, par; otherwise, 1% loss for every 1% that final share price is less than initial share price
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| Call: | Automatically at par if Comerica shares close at or above initial share price on any quarterly observation date
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| Initial share price: | $47.27
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| Downside threshold: | $28.36, 60% of initial share price
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| Strike date: | July 14, 2023
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| Pricing date: | July 17, 2023
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| Settlement date: | July 20, 2023
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| Underwriter: | Citigroup Global Markets Inc.
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| Agent: | UBS Financial Services Inc.
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| Fees: | 1.5%
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| Cusip: | 17331M360
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