Published on 6/7/2023 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $903,000 10% autocallable contingent coupon notes on three stocks
By Kiku Steinfeld
Chicago, June 7 – Citigroup Global Markets Holdings Inc. priced $903,000 of autocallable contingent coupon equity linked securities due Jan. 29, 2026 linked to the common stocks of Apple Inc., UnitedHealth Group Inc. and Walmart Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 10% 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 at par on any quarterly valuation date if the price of the worst performing stock is greater than or equal to its initial price.
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: | Apple Inc., UnitedHealth Group Inc. and Walmart Inc.
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| Amount: | $903,000
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| Maturity: | Jan. 29, 2026
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| Coupon: | 10% 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 at par on any quarterly valuation date if the price of the worst performing stock is greater than or equal to its initial price
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| Initial levels: | $143.96 for Apple, $492.48 for UnitedHealth Group, $142.21 for Walmart
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| Coupon barriers: | $86.376 for Apple, $295.488 for UnitedHealth Group, $85.326 for Walmart, 60% of initial levels
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| Final barriers: | $86.376 for Apple, $295.488 for UnitedHealth Group, $85.326 for Walmart, 60% of initial levels
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| Equity ratios: | 6.94637 for Apple, 2.03054 for UnitedHealth Group, 7.03185 for Walmart
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| Pricing date: | Jan. 26, 2023
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| Settlement date: | Jan. 31, 2023
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| Agent: | Citigroup Global Markets Inc.
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| Fees: | 2%
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| Cusip: | 17331AAK7
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