By Kiku Steinfeld
Chicago, July 31 – Citigroup Global Markets Holdings Inc. sold $575,000 of 0% market-linked securities – autocallable with contingent coupon with memory feature and contingent downside due Feb. 25, 2027 linked to Apple Inc. and Nvidia Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be guaranteed by Citigroup Inc.
The notes will pay a contingent quarterly interest payment at the rate of 17.6% per year if each stock closes at or above the coupon barrier level, 80% of the initial level, on the observation date for that period. Previously unpaid coupons, if any, will be automatically included whenever an interest payment is paid.
The notes will be automatically called at par plus coupon if each stock closes at or above initial level on any quarterly observation date after six months.
The payout at maturity will be par plus the final coupon if each stock finishes at or above its 80% threshold level.
Otherwise, investors will be fully exposed to the decline of the worst performer from its initial level.
Citigroup Global Markets Inc. and Wells Fargo Securities, LLC are the agents.
| Issuer: | Citigroup Global Markets Holdings Inc.
|
| Guarantor: | Citigroup Inc.
|
| Issue: | Market-linked securities – autocallable with contingent coupon and memory feature and contingent downside
|
| Underlying stocks: | Apple Inc. and Nvidia Corp.
|
| Amount: | $575,000
|
| Maturity: | Feb. 25, 2027
|
| Coupon: | 17.6% annual rate, payable quarterly if all stocks close at or above their coupon barrier levels on the relevant observation date; coupon payments will automatically include any previously unpaid coupons
|
| Price: | Par
|
| Payout at maturity: | Par plus final coupon if each stock finishes at or above threshold level; otherwise, full exposure to decline of worst performer from initial level
|
| Call: | Automatically at par plus coupon if each stock closes at or above initial level on any quarterly observation date after six months
|
| Initial levels: | $148.48 for Apple, $206.55 for Nvidia
|
| Coupon barriers: | $118.784 for Apple, $165.24 for Nvidia; 80% of initial levels
|
| Threshold levels: | $118.784 for Apple, $165.24 for Nvidia; 80% of initial levels
|
| Pricing date: | Feb. 21, 2023
|
| Settlement date: | Feb. 24, 2023
|
| Agents: | Citigroup Global Markets Inc. and Wells Fargo Securities, LLC
|
| Fees: | 2.275%
|
| Cusip: | 17331CQR1
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
