Published on 5/5/2023 in the Prospect News Structured Products Daily.
New Issue: Citi sells $250,000 autocallable variable coupon market-linked notes on four stocks
By Kiku Steinfeld
Chicago, May 5 – Citigroup Global Markets Holdings Inc. priced $250,000 of autocallable variable coupon market-linked notes due Jan. 4, 2028 tied to the stock performance of Alphabet Inc., Amazon.com, Inc., Goldman Sachs Group, Inc. and Morgan Stanley, according to a 424B2 filed with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The notes will pay a monthly coupon at a variable rate.
If each stock closes at or above its coupon barrier, 75% of the initial level, on the corresponding monthly review date, the payable coupon will be the equivalent of approximately 9.5% per year. If any stock closes below its coupon barrier, the equivalent annual rate will be 0.25%.
If each stock closes at or above its initial level on any monthly valuation 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: | Alphabet Inc., Amazon.com, Inc., Goldman Sachs Group, Inc. and Morgan Stanley
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| Amount: | $250,000
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| Maturity: | Jan. 4, 2028
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| Coupon: | Variable, payable monthly; if each stock closes at or above its coupon barrier on the corresponding monthly review date, the coupon will be equivalent to 9.5% per year; if any stock closes below its coupon barrier, the coupon will be 0.25% 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 monthly valuation date after one year
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| Initial levels: | $88.45 for Alphabet, $84.18 for Amazon, $343.43 for Goldman, $85.24 for Morgan Stanley
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| Coupon barriers: | $66.338 for Alphabet, $63.135 for Amazon, $257.573 for Goldman, $63.930 for Morgan Stanley, 75% of initial levels
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| Pricing date: | Dec. 29, 2022
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| Settlement date: | Jan. 4, 2023
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 0.75%
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| Cusip: | 17330YXK1
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