Published on 2/12/2024 in the Prospect News Structured Products Daily.
New Issue: Citigroup sells $525,000 14.85% autocallable contingent coupon equity notes on stocks
Chicago, Feb. 12 – Citigroup Global Markets Holdings Inc. priced $525,000 of autocallable contingent coupon equity-linked securities due May 28, 2026 linked to the worst performing of the common stocks of Occidental Petroleum Corp. and Home Depot, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 14.85% 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 at par starting Aug. 28, 2023 and on any subsequent quarterly valuation date if both stocks close above their 90% autocall barrier values.
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: | Occidental Petroleum Corp. and Home Depot, Inc.
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| Amount: | $525,000
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| Maturity: | May 28, 2026
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| Coupon: | 14.85% annual rate, 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
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| Call: | Automatically at par starting Aug. 28, 2023 and on any subsequent quarterly valuation date if both stocks close above 90% autocall barrier values
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| Initial levels: | $58.94 for Occidental, $292.83 for Home Depot
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| Coupon barriers: | $35.364 for Occidental, $175.698 for Home Depot, 60% of initial levels
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| Final barriers: | $35.364 for Occidental, $175.698 for Home Depot, 60% of initial levels
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| Autocall barrier levels: | $53.046 for Occidental, $263.547 for Home Depot, 90% of initial levels
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| Pricing date: | May 26, 2023
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| Settlement date: | May 31, 2023
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| Agent: | Citigroup Global Markets Inc.
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| Fees: | 2%
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| Cusip: | 17291R5B4
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