Published on 5/11/2023 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $200,000 15% autocallable contingent coupon notes on tech stocks
By Kiku Steinfeld
Chicago, May 11 – Citigroup Global Markets Holdings Inc. priced $200,000 of autocallable contingent coupon equity linked securities due Jan. 8, 2026 linked to the common stocks of Alphabet Inc., Amazon.com, Inc. and Apple Inc. and Microsoft Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 15% paid quarterly if the worst performing stock closes at or above its 60% coupon barrier on the related valuation date, plus any previously unpaid coupons.
The securities will be called automatically starting Jan. 5, 2024 at par 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 60% 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 option of the issuer.
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., Amazon.com, Inc. and Apple Inc. and Microsoft Corp.
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| Amount: | $200,000
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| Maturity: | Jan. 8, 2026
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| Coupon: | 15% paid quarterly if the worst performing stock closes at or above its 60% coupon barrier on the related valuation date, plus any previously unpaid coupons
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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 the option of the issuer
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| Call: | Automatically starting Jan. 5, 2024 at par 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: | $86.77 for Alphabet, $83.12 for Amazon, $125.02 for Apple, $222.31 for Microsoft
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| Coupon barriers: | $52.062 for Alphabet, $49.872 for Amazon, $75.012 for Apple, $133.386 for Microsoft, 60% of initial levels
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| Final barriers: | $52.062 for Alphabet, $49.872 for Amazon, $75.012 for Apple, $133.386 for Microsoft, 60% of initial levels
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| Equity ratios: | 11.52472 for Alphabet, 12.03080 for Amazon, 7.99872 for Apple, 4.49822 for Microsoft
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| Pricing date: | Jan. 5, 2023
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| Settlement date: | Jan. 10, 2023
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| Agent: | Citigroup Global Markets Inc.
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| Fees: | 0.25%
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| Cusip: | 17331ACK5
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