Published on 4/23/2024 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $2.34 million contingent market-linked autocalls on three stocks
By Wendy Van Sickle
Columbus, Ohio, April 23 – Citigroup Global Markets Holdings Inc. sold $2.34 million of 0% market-linked autocallable securities with contingent coupon and contingent downside due April 21, 2027 linked to the stock performance of Alphabet Inc., Amazon.com, Inc. and Meta Platforms, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be guaranteed by Citigroup Inc.
The notes will pay a contingent quarterly interest payment at the rate of 17.7% per year if each stock closes at or above the coupon barrier level, 70% of the initial level, on the observation date for that period.
The notes will be automatically called at par plus coupon if each stock closes at or above initial levels on any quarterly observation date after six months.
The payout at maturity will be par plus the final coupon if each stock finishes at or above its coupon barrier.
Otherwise, investors will be fully exposed to the decline of the worst performer from its initial level.
Citigroup Global Markets Inc. and Wells Fargo Securities, LLC are the agents.
| Issuer: | Citigroup Global Markets Holdings Inc.
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| Guarantor: | Citigroup Inc.
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| Issue: | Market-linked autocallable securities with contingent coupon and contingent downside
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| Underlying stocks: | Amazon.com, Inc., Meta Platforms, Inc., Alphabet Inc.
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| Amount: | $2,336,000
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| Maturity: | April 21, 2027
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| Coupon: | 17.7% annual rate, payable quarterly if all stocks close at or above their coupon barrier levels on the relevant observation date
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| Price: | Par
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| Payout at maturity: | Par plus final coupon if each stock finishes at or above coupon barrier; otherwise, full exposure to decline of worst performer from initial level
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| Call: | Automatically at par plus coupon if each stock closes at or above initial levels on any quarterly observation date after six months
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| Initial levels: | $183.32 for Amazon, $499.76 for Meta, $154.40 for Alphabet
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| Coupon barriers: | $128.324 for Amazon, $349.832 for Meta, $108.08 for Alphabet; 70% of initial levels
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| Threshold levels: | $128.324 for Amazon, $349.832 for Meta, $108.08 for Alphabet; 70% of initial levels
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| Pricing date: | April 16
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| Settlement date: | April 19
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| Agents: | Citigroup Global Markets Inc. and Wells Fargo Securities, LLC
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| Fees: | 2.325%
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| Cusip: | 17331AWY3
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