Published on 5/31/2023 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $4 million autocallable buffer securities linked to BofA, PNC
New York, May 31 – Citigroup Global Markets Holdings Inc. priced $4 million of 0% autocallable buffer securities due May 29, 2026 linked to the common stocks of Bank of America Corp. and PNC Financial Services Group, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
If the worst performing stock gains the payout will be par plus 275% of its return. Investors will receive par if the worst performing stock declines but ends at or above its 30% buffer and they will lose 1% for every 1% that the worst performing stock declines beyond the buffer.
The notes will be called automatically at an annualized premium of 20% if the worst performing stock closes above its initial value on May 23, 2024 or May 23, 2025.
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 buffer securities
|
| Underlying stocks: | Bank of America Corp. and PNC Financial Services Group, Inc.
|
| Amount: | $4 million
|
| Maturity: | May 29, 2026
|
| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | If worst performing stock finishes at or above its initial value, par plus 275% of its return; par if worst performing stock declines but finishes at or above its 30% buffer; 1% loss for every 1% that worst performing stock declines beyond buffer
|
| Upside leverage: | 275%
|
| Initial levels: | $28.58 for Bank of America Corp., $121.49 for PNC Financial Services Group, Inc.
|
| Buffer: | 30%
|
| Buffer levels: | $20.006 for Bank of America Corp., $85.043 for PNC Financial Services Group, Inc., 70% of initial level
|
| Call: | Automatically at a premium of 20% a year if the worst performing stock closes above its initial value on May 23, 2024 or May 23, 2025
|
| Pricing date: | May 23
|
| Settlement date: | May 26
|
| Agent: | Citigroup Global Markets Inc.
|
| Fees: | 2.85%
|
| Cusip: | 17331HYR1
|
|
|
© 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.
