Published on 4/30/2024 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $3.15 million 9% autocallable contingent coupon notes on stocks
Chicago, April 30 – Citigroup Global Markets Holdings Inc. priced $3.15 million of autocallable contingent coupon equity-linked securities due Jan. 29, 2027 linked to the common stocks of Morgan Stanley, Pure Storage, Inc. and United Rentals, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 9% 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 starting Jan. 27, 2025 if the price of the worst performing stock is greater than or equal to its initial price and on any subsequent monthly valuation date.
The payout at maturity will be par if the worst performing stock gains or declines by no more than its 20% buffer or if any one of the three stocks finishes above its initial level. Otherwise, investors will lose 1% for every 1% that the worst performing stock declines beyond the buffer.
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: | Morgan Stanley, Pure Storage, Inc. and United Rentals, Inc.
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| Amount: | $3,154,000
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| Maturity: | Jan. 29, 2027
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| Coupon: | 9% annual rate, 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 gains or declines by no more than 20% buffer or if one stock finishes above initial level, par; 1% loss for every 1% that worst performing stock declines beyond buffer
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| Call: | Automatically starting Jan. 27, 2025 if the price of the worst performing stock is greater than or equal to its initial price and on any subsequent monthly valuation date
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| Initial levels: | $87.73 for Morgan Stanley, $40.67 for Pure Storage, $630.75 for United Rentals
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| Coupon barriers: | $52.638 for Morgan Stanley, $24.402 for Pure Storage, $378.450 for United Rentals, 60% of initial levels
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| Buffer levels: | $70.184 for Morgan Stanley, $32.536 for Pure Storage, $504.600 for United Rentals, 80% of initial levels
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| Buffer: | 20%
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| Pricing date: | Jan. 26
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| Settlement date: | Jan. 31
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| Agent: | Citigroup Global Markets Inc.
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| Fees: | 3.25%
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| Cusip: | 17291TUX4
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