Published on 8/27/2023 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $883,000 12% autocallable contingent coupon equity notes on three stocks
By Kiku Steinfeld
Chicago, Aug. 28 – Citigroup Global Markets Holdings Inc. priced $883,000 of autocallable contingent coupon equity linked securities due Feb. 26, 2025 linked to the common stocks of Amazon.com, Inc., Microsoft Corp. and Home Depot, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 12% 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 starting May 24, 2023 if the price of the worst performing stock is greater than or equal to its initial price on a monthly 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, payable in shares or cash at the option of the issuer.
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: | Amazon.com, Inc., Microsoft Corp. and Home Depot, Inc.
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| Amount: | $883,000
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| Maturity: | Feb. 26, 2025
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| Coupon: | 12% 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; 1% loss for every 1% that worst performing stock declines if it ends below final barrier, payable in shares or cash at option of the issuer
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| Call: | Automatically starting May 24, 2023 if the price of the worst performing stock is greater than or equal to its initial price on a monthly valuation date
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| Initial levels: | $94.23 for Amazon, $249.42 for Microsoft, $296.54 for Home Depot
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| Coupon barriers: | $56.538 for Amazon, $149.652 for Microsoft, $177.924 for Home Depot, 60% of initial levels
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| Final barriers: | $56.538 for Amazon, $149.652 for Microsoft, $177.924 for Home Depot, 60% of initial levels
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| Equity ratios: | 10.61233 for Amazon, 3.37223 for Microsoft, 4.00930 for Home Depot
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| Pricing date: | Feb. 28, 2023
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| Settlement date: | March 2, 2023
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| Agent: | Citigroup Global Markets Inc.
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| Fees: | 3.25%
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| Cusip: | 17331ABZ3
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