Published on 4/17/2024 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $1.54 million contingent market-linked autocalls on three stocks
By William Gullotti
Buffalo, N.Y., April 17 – Citigroup Global Markets Holdings Inc. sold $1.54 million of 0% market-linked autocallable securities with contingent coupon and contingent downside due April 1, 2027 linked to the stock performance of Stanley Black & Decker, Inc., EOG Resources, 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 monthly interest payment at the rate of 19% 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.
If the worst performer finishes below its coupon barrier but at or above its 60% threshold level, the payout will be par. 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: | EOG Resources, Inc., Meta Platforms, Inc., Stanley Black & Decker, Inc.
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| Amount: | $1,536,000
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| Maturity: | April 1, 2027
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| Coupon: | 19% annual rate, payable monthly 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; if worst performer finishes below coupon barrier but at or above threshold level, par; 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: | $127.84 for EOG, $485.58 for Meta, $97.93 for Stanley Black & Decker
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| Coupon barriers: | $89.488 for EOG, $339.906 for Meta, $68.551 for Stanley Black & Decker; 70% of initial levels
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| Threshold levels: | $76.704 for EOG, $291.348 for Meta, $58.758 for Stanley Black & Decker; 60% of initial levels
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| Pricing date: | March 28
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| Settlement date: | April 3
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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: | 17331AZS3
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