Published on 9/26/2023 in the Prospect News Structured Products Daily.
New Issue: Citigroup sells $250,000 15.35% autocallable contingent coupon notes on four stocks
Chicago, Sept. 26 – Citigroup Global Markets Holdings Inc. priced $250,000 of autocallable contingent coupon equity linked securities due Sept. 28, 2023 linked to the worst performing of the common stocks of Alphabet Inc., Bank of America Corp., JPMorgan Chase & Co. and Goldman Sachs Group, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 15.35% paid quarterly if the worst performing stock closes at or above its 70% coupon barrier on the related valuation date.
The securities will be called automatically at par starting Dec. 21, 2022 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 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, payable in shares or cash at the issuer’s option.
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., Bank of America Corp., JPMorgan Chase & Co. and Goldman Sachs Group, Inc.
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| Amount: | $250,000
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| Maturity: | Sept. 28, 2023
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| Coupon: | 15.35% annual rate, paid quarterly if the worst performing stock closes at or above its 70% coupon barrier on the related valuation date
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| Price: | Par
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| Payout at maturity: | If worst performing stock finishes at or above final barrier par; 1% loss for every 1% that worst performing stock declines if it ends below final barrier, payable in shares or cash at issuer’s option
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| Call: | Automatically at par starting Dec. 21, 2022 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: | $101.14 for Alphabet, $34.17 for BofA, $115.83 for JPM, $323.26 for Goldman
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| Coupon barriers: | $70.798 for Alphabet, $23.919 for BofA, $81.081 for JPM, $226.282 for Goldman, 70% of initial levels
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| Final barriers: | $50.570 for Alphabet, $17.085 for BofA, $57.915 for JPM, $161.630 for Goldman, 50% of initial levels
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| Pricing date: | Sept. 21, 2022
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| Settlement date: | Sept. 28, 2022
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| Agent: | Citigroup Global Markets Inc.
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| Fees: | 0.1%
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| Cusip: | 17330KCW8
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