Published on 10/2/2023 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $900,000 16% callable contingent coupon notes on three stocks
By Angela McDaniels
Tacoma, Wash., Oct. 2 – Citigroup Global Markets Holdings Inc. priced $900,000 of callable contingent coupon equity linked securities due Sept. 26, 2024 linked to the worst performing of the common stocks of Berkshire Hathaway Inc., Microsoft Corp. and Procter & Gamble Co., according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 16% paid monthly if the worst performing stock closes at or above its 70% coupon barrier on the related valuation date.
Starting Dec. 23, 2022, the securities may be called at par on any quarterly potential redemption date.
The payout at maturity will be par if the worst performing stock ends at or above its 60% final barrier. Otherwise, investors will lose 1% for every 1% that the worst performing stock declines, payable in shares of that stock.
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: | Berkshire Hathaway Inc., Microsoft Corp. and Procter & Gamble Co.
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| Amount: | $900,000
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| Maturity: | Sept. 26, 2024
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| Coupon: | 16% paid monthly if the worst performing stock closes at or above its 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, number of shares of worst performing stock equal to its equity ratio
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| Call: | Starting Dec. 23, 2022 at par on any quarterly potential redemption date
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| Initial share prices: | $274.81 for Berkshire Hathaway, $244.74 for Microsoft and $138.28 for P&G
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| Coupon barriers: | $192.367 for Berkshire Hathaway, $171.318 for Microsoft and $96.796 for P&G, 70% of initial share prices
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| Final barriers: | $164.886 for Berkshire Hathaway, $146.844 for Microsoft and $82.968 for P&G, 60% of initial share prices
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| Equity ratios: | 3.63888 for Berkshire Hathaway, 4.08597 for Microsoft and 7.23170 for P&G
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| Strike date: | Sept. 16, 2022
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| Pricing date: | Sept. 23, 2022
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| Settlement date: | Sept. 28, 2022
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| Agent: | Citigroup Global Markets Inc.
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| Fees: | 0.1%
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| Cusip: | 17330KCS7
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