Published on 5/21/2023 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $500,000 11.15% autocallable equity linked notes on tech stocks
By Kiku Steinfeld
Chicago, May 22 – Citigroup Global Markets Holdings Inc. priced $500,000 of 11.15% autocallable equity linked securities due Jan. 24, 2024 linked to the common stocks of Amazon.com, Inc., Apple Inc. and Microsoft Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes carry a coupon of 11.15% per year, payable quarterly.
The securities will be called automatically starting April 17, 2023 at par of $1,000 if the price of the worst performing stock is greater than or equal to its initial price and on any subsequent quarterly valuation date.
The payout at maturity will be par if the worst performing stock ends at or above its 70% final buffer value. Otherwise, investors will receive shares of the worst performing stock equal to the $1,000 principal amount divided by that stock’s final buffer value or, at the option of the issuer, the cash equivalent.
The notes are guaranteed by Citigroup Inc.
Citigroup Global Markets Inc. is the agent.
| Issuer: | Citigroup Global Markets Holdings Inc.
|
| Guarantor: | Citigroup Inc.
|
| Issue: | Autocallable equity linked securities
|
| Underlying stocks: | Amazon.com, Inc., Apple Inc. and Microsoft Corp.
|
| Amount: | $500,000
|
| Maturity: | Jan. 24, 2024
|
| Coupon: | 11.15% per year, payable quarterly
|
| Price: | Par of $1,000
|
| Payout at maturity: | If worst performing stock finishes at or above final buffer value, par; otherwise, shares of the worst performer equal to $1,000 divided by its final buffer value or the cash equivalent at the option of the issuer
|
| Call: | Automatically starting April 17, 2023 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
|
| Initial prices: | $89.87 for Amazon, $130.73 for Apple, $228.85 for Microsoft
|
| Final buffer values: | $62.909 for Amazon, $91.511 for Apple, $160.195 for Microsoft, 70% of initial prices
|
| Equity ratios: | 15.89598 for Amazon, 10.92765 for Apple, 6.24239 for Microsoft
|
| Pricing date: | Jan. 17, 2023
|
| Settlement date: | Jan. 24, 2023
|
| Agent: | Citigroup Global Markets Inc.
|
| Fees: | 1%
|
| Cusip: | 17331ACN9
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
