Published on 2/23/2024 in the Prospect News Structured Products Daily.
New Issue: Citi prices $1.19 million autocallable contingent buffered notes on stock basket
By William Gullotti
Buffalo, N.Y., Feb. 23 – Citigroup Global Markets Holdings Inc. priced $1.19 million of 0% autocallable contingent buffered notes due Feb. 19, 2027 tied to an equally-weighted basket of 18 stocks, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be guaranteed by Citigroup Inc.
The basket consists of Advanced Micro Devices, Inc., Alphabet Inc., Amazon.com, Inc., Applied Materials, Inc., Arm Holdings plc, CrowdStrike Holdings, Inc., CyberArk Software Ltd., Datadog, Inc., Equinix, Inc., Marvell Technology, Inc., Microsoft Corp., Nvidia Corp., Oracle Corp., Quanta Services, Inc., Salesforce, Inc., ServiceNow, Inc., Shopify Inc. and Snowflake Inc.
If the basket closes at or above its initial level on Feb. 26, 2025, the notes will be called at par plus a premium of 10%.
If the basket finishes at or above its initial level, the payout at maturity will be par plus 171.1% of the basket return.
If the basket declines but finishes at or above the 85% buffer, investors will receive par. Otherwise, investors will lose 1.1765% for each 1% decline of the basket beyond 15%.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Global Markets Holdings Inc.
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| Guarantor: | Citigroup Inc.
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| Issue: | Autocallable contingent buffered notes
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| Underlying stocks: | Advanced Micro Devices, Inc., Alphabet Inc., Amazon.com, Inc., Applied Materials, Inc., Arm Holdings plc, CrowdStrike Holdings, Inc., CyberArk Software Ltd., Datadog, Inc., Equinix, Inc., Marvell Technology, Inc., Microsoft Corp., Nvidia Corp., Oracle Corp., Quanta Services, Inc., Salesforce, Inc., ServiceNow, Inc., Shopify Inc., Snowflake Inc.; equal weights
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| Amount: | $1.19 million
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| Maturity: | Feb. 19, 2027
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If the basket finishes at or above its initial level, par plus 171.1% of the basket return; if the basket declines no farther than buffer level, par; otherwise, investors will lose 1.1765% for each 1% of basket decline below buffer level
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| Call: | If the basket closes at or above initial level on Feb. 26, 2025, at par plus a 10% call premium
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| Initial levels: | $178.70 for AMD, $145.94 for Alphabet, $170.98 for Amazon, $186.19 for Applied Materials, $126.40 for Arm, $334.55 for CrowdStrike, $263.71 for CyberArk, $136.15 for Datadog, $832.81 for Equinix, $68.96 for Marvell, $409.49 for Microsoft, $739.00 for Nvidia, $114.26 for Oracle, $212.64 for Quanta, $289.15 for Salesforce, $792.00 for ServiceNow, $80.67 for Shopify, $236.00 for Snowflake
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| Buffer level: | 85% of initial level
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| Pricing date: | Feb. 14
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| Settlement date: | Feb. 20
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 2%
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| Cusip: | 17291LCH6
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