Published on 11/7/2023 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $800,000 16% autocallable contingent coupon notes on stocks
By Kiku Steinfeld
Chicago, Nov. 7 – Citigroup Global Markets Holdings Inc. priced $800,000 of autocallable contingent coupon equity linked securities due April 10, 2025 linked to the common stocks of Caterpillar Inc., Microsoft Corp. and Nike, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 16% paid quarterly if the worst performing stock closes at or above its 60% coupon barrier on the related valuation date.
The securities will be called automatically starting Oct. 6, 2023 if the price of the worst performing stock is greater than or equal to its initial price on a.
If the worst performing stock finishes at or above its 60% final barrier the payout at maturity will be par. Otherwise investors will lose 1% loss for every 1% that the worst performing stock declines, payable in shares or cash at the option of the issuer.
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: | Caterpillar Inc., Microsoft Corp. and Nike, Inc.
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| Amount: | $800,000
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| Maturity: | April 10, 2025
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| Coupon: | 16% paid quarterly 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; 1% loss for every 1% that worst performing stock declines if it ends below final barrier, payable in shares or cash at the option of the issuer
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| Call: | Automatically starting Oct. 6, 2023 if the price of the worst performing stock is greater than or equal to its initial price on a quarterly valuation date
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| Initial levels: | $209.17 for Caterpillar Inc., $291.60 for Microsoft Corp., $120.22 for Nike, Inc.
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| Coupon barriers: | $125.502 for Caterpillar Inc., $174.960 for Microsoft Corp., $72.132 for Nike, Inc., 60% of initial levels
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| Final barriers: | $125.502 for Caterpillar Inc., $174.960 for Microsoft Corp., $72.132 for Nike, Inc., 60% of initial levels
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| Equity ratios: | 4.78080 for Caterpillar Inc., 3.42936 for Microsoft Corp., 8.31808 for Nike, Inc., 60% of initial levels
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| Pricing date: | April 6, 2023
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| Settlement date: | April 12, 2023
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| Agent: | Citigroup Global Markets Inc.
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| Fees: | 1.75%
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| Cusip: | 17331AGK1
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