Published on 2/13/2024 in the Prospect News Structured Products Daily.
New Issue: Citigroup sells $200,000 11% autocallable contingent coupon equity notes on stocks
Chicago, Feb. 13 – Citigroup Global Markets Holdings Inc. priced $200,000 of autocallable contingent coupon equity-linked securities due May 29, 2026 linked to the worst performing of the common stocks of Alphabet Inc., Amazon.com, Inc. and Apple Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 11% paid quarterly if the worst performing stock closes at or above its 50% coupon barrier on the related valuation date, plus any previously unpaid coupons.
The securities will be called automatically at par starting Nov. 27, 2023 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 any of the three stocks closes above its initial level or the worst performing stock finishes at or above its 50% final barrier the payout at maturity will be par. Otherwise investors will lose 1% loss for every 1% that the worst performing stock declines.
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., Amazon.com, Inc. and Apple Inc.
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| Amount: | $200,000
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| Maturity: | May 29, 2026
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| Coupon: | 11% annual rate, paid quarterly if the worst performing stock closes at or above its 50% coupon barrier on the related valuation date, plus any previously unpaid coupons
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| Price: | Par
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| Payout at maturity: | If worst performing stock finishes at or above final barrier or if at least one stock closes above its initial level, par; otherwise, 1% loss for every 1% that worst performing stock declines if it ends below final barrier
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| Call: | Automatically at par starting Nov. 27, 2023 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: | $124.61 for Alphabet, $120.11 for Amazon, $175.43 for Apple
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| Coupon barriers: | $62.305 for Alphabet, $60.055 for Amazon, $87.715 for Apple, 50% of initial levels
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| Final barriers: | $62.305 for Alphabet, $60.055 for Amazon, $87.715 for Apple, 50% of initial levels
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| Pricing date: | May 26, 2023
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| Settlement date: | June 1, 2023
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| Agent: | Citigroup Global Markets Inc.
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| Fees: | 0.25%
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| Cusip: | 17291R2T8
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