Published on 5/14/2024 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $900,000 14% callable contingent coupon notes on three stocks
By Kiku Steinfeld
Chicago, May 14 – Citigroup Global Markets Holdings Inc. priced $900,000 of callable contingent coupon equity linked securities due Aug. 6, 2026 linked to the worst performing of the common stocks of AT&T Inc., McDonald's Corp. and Verizon Communications Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 14% paid monthly if the worst performing stock closes at or above its 60% coupon barrier on the related valuation date.
Starting Feb. 1, 2024, the securities may be called at par on any quarterly potential redemption date.
The payout at maturity will be par if the worst performing stock ends at or above its 60% final barrier. Otherwise, investors will lose 1% 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: | Callable contingent coupon equity linked securities
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| Underlying stocks: | AT&T Inc., McDonald's Corp. and Verizon Communications Inc.
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| Amount: | $900,000
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| Maturity: | Aug. 6, 2026
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| Coupon: | 14% paid monthly if the worst performing stock closes at or above its 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; otherwise, 1% loss for every 1% that the worst performing stock declines
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| Call: | Starting Feb. 1, 2024 at par on any quarterly potential redemption date
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| Initial share prices: | $14.30 for AT&T, $291.07 for McDonald's, $33.43 for Verizon
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| Coupon barriers: | $8.580 for AT&T, $174.642 for McDonald's, $20.058 for Verizon, 60% of initial share prices
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| Final barriers: | $8.580 for AT&T, $174.642 for McDonald's, $20.058 for Verizon, 60% of initial share prices
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| Pricing date: | Aug. 1, 2023
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| Settlement date: | Aug. 4, 2023
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| Agent: | Citigroup Global Markets Inc.
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| Fees: | 0.65%
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| Cusip: | 17291RXJ6
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