Published on 8/10/2023 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $3.89 million contingent coupon equity linked autocalls on three stocks
New York, Aug. 10 – Citigroup Global Markets Holdings Inc. priced $3.89 million of autocallable contingent coupon equity linked securities due July 29, 2025 linked to the common stocks of Alphabet Inc., Amazon.com, Inc. and Bank of America Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 12%, paid monthly, if the worst performing stock closes at or above its 60% coupon barrier on the related valuation date.
The securities will be called automatically at par if the closing price of the worst performing stock is greater than or equal to its initial price on any monthly valuation date starting Oct. 25.
If the worst performing stock finishes at or above its 60% final barrier, the payout at maturity will be par.
Otherwise, investors will receive a number of shares of the worst performer equal to $1,000 divided by that stock’s initial level or, at the issuer’s option, the cash equivalent.
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: | Alphabet Inc., Amazon.com, Inc. and Bank of America Corp.
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| Amount: | $3,891,000
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| Maturity: | July 29, 2025
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| Coupon: | 12%, paid monthly if the worst performing stock closes at or above its 60% 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; otherwise, receive a number of shares of the worst performer equal to its equity ratio or, at the issuer’s option, the cash equivalent
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| Call: | Automatically at par if the closing price of the worst performing stock is greater than or equal to its initial price on any monthly valuation date starting Oct. 25
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| Initial levels: | $132.72 for Alphabet Inc., $133.68 for Amazon.com, Inc., $32.00 for Bank of America Corp.
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| Coupon barriers: | $79.632 for Alphabet Inc., $80.208 for Amazon.com, Inc., $19.200 for Bank of America Corp., 60% of initial levels
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| Final barriers: | $79.632 for Alphabet Inc., $80.208 for Amazon.com, Inc., $19.200 for Bank of America Corp., 60% of initial levels
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| Equity ratios: | 7.53466 for Alphabet Inc., 7.48055 for Amazon.com, Inc., 31.25 for Bank of America Corp., shares delivered per security
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| Pricing date: | July 31
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| Settlement date: | Aug. 2
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| Agent: | Citigroup Global Markets Inc.
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| Fees: | 3.25%
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| Cusip: | 17331AJJ1
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