Published on 9/5/2023 in the Prospect News Structured Products Daily.
New Issue: Citi sells $259,000 autocallable variable coupon market-linked notes on five stocks
Chicago, Sept. 5 – Citigroup Global Markets Holdings Inc. priced $259,000 of autocallable variable coupon market-linked notes due Aug. 31, 2027 tied to the worst performing of the stocks of Amazon.com, Inc., Apple Inc., Alphabet Inc., Netflix, Inc. and Tesla, Inc., according to a 424B2 filed with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The notes will pay a quarterly coupon at a variable rate.
If each stock closes at or above its coupon barrier, 100% of the initial level, on the corresponding review date, the payable coupon will be the equivalent of 8% per year. If any stock closes below its coupon barrier, the equivalent annual rate will be 2%.
If each stock closes at or above its initial level on any quarterly call date after one year, the notes will be automatically called at par plus the coupon.
The payout at maturity will be par plus the relevant coupon.
Citigroup Global Markets Inc. is the underwriter.
Issuer: | Citigroup Global Markets Holdings Inc.
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Issue: | Autocallable variable coupon market-linked notes
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Guarantor: | Citigroup Inc.
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Underlying stocks: | Amazon.com, Inc., Apple Inc., Alphabet Inc., Netflix, Inc. and Tesla, Inc.
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Amount: | $259,000
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Maturity: | Aug. 31, 2027
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Coupon: | Variable, payable quarterly; if each stock closes at or above its coupon barrier on the corresponding review date, the coupon will be equivalent to 8% per year; if any stock closes below its coupon barrier, the coupon will be 2% annualized
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Price: | Par
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Payout at maturity: | Par plus the relevant coupon
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Call: | Automatically at par plus coupon if each stock closes at or above its initial level on any quarterly call date after one year
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Initial levels: | $130.75 for Amazon, $163.62 for Apple, $110.34 for Alphabet, $223.28 for Netflix, $288.09 for Tesla
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Coupon barriers: | $130.75 for Amazon, $163.62 for Apple, $110.34 for Alphabet, $223.28 for Netflix, $288.09 for Tesla; 100% of initial levels
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Pricing date: | Aug. 26, 2022
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Settlement date: | Aug. 31, 2022
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Underwriter: | Citigroup Global Markets Inc.
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Fees: | 3.75%
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Cusip: | 17330PX38
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