Published on 8/1/2023 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $1.65 million 11.5% autocallable contingent coupon notes on three stocks
By Kiku Steinfeld
Chicago, Aug. 1 – Citigroup Global Markets Holdings Inc. priced $1.65 million of autocallable contingent coupon equity linked securities due Feb. 26, 2026 linked to the common stocks of Amazon.com, Inc., McDonald's Corp. and Morgan Stanley, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 11.5% paid quarterly if the worst performing stock closes at or above its 56% coupon barrier on the related valuation date, plus any previously unpaid coupons.
The securities will be called automatically if the price of the worst performing stock is greater than or equal to its initial price on any quarterly valuation date.
If the worst performing stock finishes at or above its 56% 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: | Amazon.com, Inc., McDonald's Corp. and Morgan Stanley
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| Amount: | $1,645,000
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| Maturity: | Feb. 26, 2026
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| Coupon: | 11.5% paid quarterly if the worst performing stock closes at or above its 56% coupon barrier on the related valuation date, plus any previously unpaid coupons
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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 if the price of the worst performing stock is greater than or equal to its initial price on any quarterly valuation date
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| Initial levels: | $95.79 for Amazon.com, Inc., $268.64 for McDonald's Corp., $97.27 for Morgan Stanley
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| Coupon barriers: | $53.642 for Amazon.com, Inc., $150.438 for McDonald's Corp., $54.471 for Morgan Stanley, 56% of initial levels
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| Final barriers: | $53.642 for Amazon.com, Inc., $150.438 for McDonald's Corp., $54.471 for Morgan Stanley, 56% of initial levels
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| Equity ratios: | 10.43950 for Amazon.com, Inc., 3.72245 for McDonald's Corp., 10.28066 for Morgan Stanley
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| Pricing date: | Feb. 22, 2023
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| Settlement date: | Feb. 27, 2023
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| Agent: | Citigroup Global Markets Inc.
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| Fees: | 2%
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| Cusip: | 17331ADZ1
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