Published on 8/10/2023 in the Prospect News Structured Products Daily.
New Issue: Citi sells $150,000 autocallable variable coupon market-linked notes on five stocks
Chicago, Aug. 10 – Citigroup Global Markets Holdings Inc. priced $150,000 of autocallable variable coupon market-linked notes due July 31, 2028 tied to the worst performing of the stocks of Advanced Micro Devices, Inc., Airbnb, Inc., Enphase Energy, Inc., Meta Platforms, Inc. and Microsoft Corp., 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, 100% of the initial level, on the corresponding monthly review date, the payable coupon will be the equivalent of approximately 10.5% 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 monthly 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., Airbnb, Inc., Enphase Energy, Inc., Meta Platforms, Inc. and Microsoft Corp.
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| Amount: | $150,000
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| Maturity: | July 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 10.5% 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
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| Call: | Automatically at par plus coupon if each stock closes at or above its initial level on any monthly call date after one year
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| Initial levels: | $110.09 for AMD, $150.17 for Airbnb, $173.36 for Enphase, $298.57 for Meta, $337.77 for Microsoft
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| Coupon barriers: | $110.09 for AMD, $150.17 for Airbnb, $173.36 for Enphase, $298.57 for Meta, $337.77 for Microsoft; 100% of initial levels
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| Pricing date: | July 26
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| Settlement date: | July 31
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 3.75%
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| Cusip: | 17291RVK5
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