Published on 6/21/2023 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $415,000 14% callable contingent coupon notes on retail stocks
Chicago, June 21 – Citigroup Global Markets Holdings Inc. priced $415,000 of callable contingent coupon equity-linked securities due June 4, 2026 linked to the worst performing of the common stocks of Amazon.com, Inc., Costco Wholesale Corp., Target Corp. and Walmart Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 23.5% paid monthly if the worst performing stock closes at or above its 70% coupon barrier on the related valuation date.
The securities are callable on any potential monthly redemption date starting after three months.
If the worst performing stock finishes at or above its 50% final barrier the payout at maturity will be par. Otherwise investors will lose 1% loss for every 1% that the worst performing stock declines.
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: | Callable contingent coupon equity-linked securities
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| Underlying stocks: | Amazon.com, Inc., Costco Wholesale Corp., Target Corp. and Walmart Inc.
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| Amount: | $415,000
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| Maturity: | June 4, 2026
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| Coupon: | 23.5% annual rate, paid monthly if the worst performing stock closes at or above its 70% coupon barrier on the related valuation date
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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 from its initial level
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| Call: | At par starting after three months on any monthly potential redemption date at issuer’s option
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| Initial levels: | $120.58 for Amazon, $511.56 for Costco, $130.93 for Target, $146.87 for Walmart
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| Coupon barriers: | $84.406 for Amazon, $358.092 for Costco, $91.651 for Target, $102.809 for Walmart, 70% of initial levels
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| Final barriers: | $60.29 for Amazon, $255.78 for Costco, $65.465 for Target, $73.435 for Walmart, 50% of initial levels
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| Pricing date: | May 31
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| Settlement date: | June 5
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| Agent: | Citigroup Global Markets Inc.
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| Fees: | 0.75%
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| Cusip: | 17291R4L3
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