Published on 1/28/2024 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $374,000 22.35% autocallable contingent coupon notes on three stocks
By Kiku Steinfeld
Chicago, Jan. 29 – Citigroup Global Markets Holdings Inc. priced $374,000 of autocallable contingent coupon equity linked securities due June 12, 2026 linked to the common stocks of Block, Inc., Kraft Heinz Co. and Zoom Video Communications, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 22.35% paid monthly if the worst performing stock closes at or above its 60% coupon barrier on the related valuation date, plus any previously unpaid coupons.
The securities will be called automatically starting Dec. 11, 2023 if the price of the worst performing stock is greater than or equal to its initial price on any quarterly valuation date.
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.
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: | Block, Inc., Kraft Heinz Co. and Zoom Video Communications, Inc.
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| Amount: | $374,000
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| Maturity: | June 12, 2026
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| Coupon: | 22.35% paid monthly if the worst performing stock closes at or above its 60% coupon barrier on the related valuation date, plus any previously unpaid coupons
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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
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| Call: | Automatically starting Dec. 11, 2023 if the price of the worst performing stock is greater than or equal to its initial price on any quarterly valuation date
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| Initial levels: | $65.09 for Block, Inc., $37.19 for Kraft Heinz Co., $66.74 for Zoom Video Communications, Inc.
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| Coupon barriers: | $39.054 for Block, Inc., $22.314 for Kraft Heinz Co., $40.044 for Zoom Video Communications, Inc., 60% of initial levels
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| Final barriers: | $39.054 for Block, Inc., $22.314 for Kraft Heinz Co., $40.044 for Zoom Video Communications, Inc., 60% of initial levels
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| Pricing date: | June 9, 2023
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| Settlement date: | June 14, 2023
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| Agent: | Citigroup Global Markets Inc.
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| Fees: | 2%
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| Cusip: | 17291RGU0
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