Published on 12/29/2023 in the Prospect News Structured Products Daily.
New Issue: Citi sells $7.26 million autocallable variable coupon market-linked notes on three stocks
By Wendy Van Sickle
Columbus, Ohio, Dec. 29 – Citigroup Global Markets Holdings Inc. priced $7.26 million of autocallable variable coupon market-linked notes due Dec. 20, 2028 tied to the worst performing of the stocks of Amazon.com, Inc., Applied Materials, Inc. and Trade Desk, Inc., according to a 424B2 filed with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The notes will pay a monthly coupon at a variable rate.
If each stock closes at or above its coupon barrier, 70% of the initial level, on the corresponding monthly review date, the payable coupon will be the equivalent of approximately 7.75% per year. If any stock closes below its coupon barrier, the equivalent annual rate will be 0.25%.
If each stock closes at or above its initial level on any monthly call date after one year, the notes will be automatically called at par plus the coupon.
The payout at maturity will be par plus the relevant coupon.
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 variable coupon market-linked notes
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| Underlying stocks: | Amazon.com, Inc., Applied Materials, Inc. and Trade Desk, Inc.
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| Amount: | $7,255,000
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| Maturity: | Dec. 20, 2028
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| Coupon: | Variable, payable monthly; if each stock closes at or above its coupon barrier on the corresponding monthly review date, the coupon will be equivalent to 7.75% per year; if any stock closes below its coupon barrier, the coupon will be 0.25% annualized
|
| Price: | Par
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| Payout at maturity: | Par plus the relevant coupon
|
| Call: | Automatically at par plus coupon if each stock closes at or above its initial level on any monthly call date after one year
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| Initial levels: | $149.97 for Amazon, $161.95 for Applied Materials, $74.89 for Trade Desk
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| Coupon barriers: | $104.979 for Amazon, $113.365 for Applied Materials, $52.423 for Trade Desk, 70% of initial levels
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| Pricing date: | Dec. 15
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| Settlement date: | Dec. 20
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 3.6%
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| Cusip: | 17291T6N3
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