Published on 12/7/2023 in the Prospect News Structured Products Daily.
New Issue: Citi prices $2.14 million contingent coupon equity linked autocalls on three tech stocks
New York, Dec. 7 – Citigroup Global Markets Holdings Inc. priced $2.14 million of autocallable contingent coupon equity linked securities due Nov. 26, 2025 linked to the stock performance of Alphabet Inc., Apple Inc. and Meta Platforms, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 11.5%, 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 Feb. 26, 2024.
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., Apple Inc. and Meta Platforms, Inc.
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| Amount: | $2,142,000
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| Maturity: | Nov. 26, 2025
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| Coupon: | 11.5%, 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 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 Feb. 26, 2024
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| Initial levels: | $132.53 for Alphabet Inc., $189.95 for Apple Inc., $327.15 for Meta Platforms, Inc.
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| Coupon barriers: | $79.518 for Alphabet Inc., $113.970 for Apple Inc., $196.290 for Meta Platforms, Inc., 60% of initial levels
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| Final barriers: | $79.518 for Alphabet Inc., $113.970 for Apple Inc., $196.290 for Meta Platforms, Inc., 60% of initial levels
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| Equity ratios: | 7.54546 for Alphabet Inc., 5.26454 for Apple Inc., 3.05670 for Meta Platforms, Inc., shares delivered per security
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| Pricing date: | Nov. 30
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| Settlement date: | Dec. 4
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| Agent: | Citigroup Global Markets Inc.
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| Fees: | 3.25%
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| Cusip: | 17331ANC1
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