Published on 5/18/2023 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $600,000 17.65% callable contingent coupon equity notes on stocks
Chicago, May 18 – Citigroup Global Markets Holdings Inc. priced $600,000 of callable contingent coupon equity linked securities due July 2, 2024 linked to the worst performing of the common stocks of Pfizer Inc., United Parcel Service, Inc. and Verizon Communications Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 17.65% paid monthly if the worst performing stock closes at or above its 70% coupon barrier on the related valuation date, plus any previously unpaid coupons.
The securities may be called at par starting Sept. 27, 2022 and on any subsequent monthly review date.
The payout at maturity will be par if the worst performing stock ends at or above its 60% final barrier. Otherwise, investors will lose 1% for every 1% that the worst performing stock declines, payable as cash or shares at the issuer’s option.
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: | Callable contingent coupon equity linked securities
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| Underlying stocks: | Pfizer Inc., United Parcel Service, Inc. and Verizon Communications Inc.
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| Amount: | $600,000
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| Maturity: | July 2, 2024
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| Coupon: | 17.65% annual rate, paid monthly if the worst performing stock closes at or above its 70% 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, payable as cash or shares at issuer’s option
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| Call: | At par starting Sept. 27, 2022 and on any subsequent monthly review date
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| Initial levels: | $51.59 for Pfizer, $183.30 for UPS, $50.96 for Verizon
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| Coupon barriers: | $36.113 for Pfizer, $128.310 for UPS, $35.672 for Verizon, 70% of initial levels
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| Final barriers: | $30.954 for Pfizer, $109.980 for UPS, $30.576 for Verizon, 60% of initial levels
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| Equity ratios: | 19.3836 for Pfizer, 5.45554 for UPS, 19.62323 for Verizon
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| Strike date: | June 24, 2022
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| Pricing date: | June 27, 2022
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| Settlement date: | June 30, 2022
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| Agent: | Citigroup Global Markets Inc.
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| Fees: | 0.1%
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| Cusip: | 17330DEF9
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