Published on 12/1/2022 in the Prospect News Structured Products Daily.
New Issue: Citi sells $1 million autocallable contingent barrier notes on basket of nine stocks
Chicago, Dec. 1 – Citigroup Global Markets Holdings Inc. priced $1,000,000 of 0% autocallable contingent barrier notes due March 23, 2023 tied to an equally-weighted basket of nine stocks, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be guaranteed by Citigroup Inc.
The basket consists of Broadcom Inc., Check Point Software Technologies Ltd., Cisco Systems, Inc., Crowdstrike Holdings, Inc., Palo Alto Networks, Inc., ServiceNow, Inc., Splunk Inc., VMware, Inc. and Zscaler, Inc.
If the basket closes at or above its initial level on Sept. 19, the notes will be called at par plus a premium of 11.225%.
If the notes are not called and the basket finishes at or above its initial level, the payout at maturity will be par plus 150% of the basket return.
If the basket declines up to the 90% barrier, investors will receive par. Otherwise, investors will lose 1% for each 1% decline of the basket from its initial level.
Citigroup Global Markets Inc. is the underwriter with J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA acting as the placement agents.
| Issuer: | Citigroup Global Markets Holdings Inc.
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| Guarantor: | Citigroup Inc.
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| Issue: | Autocallable contingent barrier notes
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| Underlying stocks: | Broadcom Inc., Check Point Software Technologies Ltd., Cisco Systems, Inc. Crowdstrike Holdings, Inc., Palo Alto Networks, Inc., ServiceNow, Inc., Splunk Inc., VMware, Inc. and Zscaler, Inc..; equal weights
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| Amount: | $1,000,000
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| Maturity: | March 23, 2023
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If the basket finishes at or above its initial level, par plus 150% of the basket return; if the basket declines no farther than barrier level, par; otherwise, investors will lose 1% for each 1% decline from initial level
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| Call: | If the basket closes at or above initial level on Sept. 19, at par plus a 11.225% call premium
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| Initial levels: | $607.12 for Broadcom Inc., $136.89 for Check Point Software Technologies Ltd., $55.81 for Cisco Systems, Inc. $189.66 for Crowdstrike Holdings, Inc., $553.92 for Palo Alto Networks, Inc., $547.40 for ServiceNow, Inc., $117.87 for Splunk Inc., $113.00 for VMware, Inc. and $207.03 for Zscaler, Inc.
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| Barrier level: | 90% of initial level
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| Strike date: | March 16
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| Pricing date: | March 17
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| Settlement date: | March 22
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| Underwriter: | Citigroup Global Markets Inc. with J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA acting as placement agents
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| Fees: | 0.75%
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| Cusip: | 17330AH88
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