Published on 6/7/2023 in the Prospect News Structured Products Daily.
New Issue: Citi sells $2.72 million autocallable variable coupon market-linked notes on three stocks
By Wendy Van Sickle
Columbus, Ohio, June 7 – Citigroup Global Markets Holdings Inc. priced $2.72 million of autocallable variable coupon market-linked notes due May 31, 2028 tied to the stock performance of Advanced Micro Devices, Inc., Meta Platforms, Inc. and Tesla, Inc., 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 quarterly call 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: | Advanced Micro Devices, Inc., Meta Platforms, Inc. and Tesla, Inc.
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| Amount: | $2,719,000
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| Maturity: | May 31, 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
|
| Call: | Automatically at par plus coupon if each stock closes at or above its initial level on any quarterly call date after one year
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| Initial levels: | $127.03 for Advanced Micro, $193.17 for Tesla, $262.04 for Meta
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| Coupon barriers: | $95.273 for Advanced Micro, $144.878 for Tesla, $196.53 for Meta, 75% of initial levels
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| Pricing date: | May 25
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| Settlement date: | May 31
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 3.75%
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| Cusip: | 17331HXM3
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