Published on 4/23/2024 in the Prospect News Structured Products Daily.
New Issue: Citi sells $4.52 million autocallable variable coupon market-linked notes on four stocks
By Wendy Van Sickle
Columbus, Ohio, April 23 – Citigroup Global Markets Holdings Inc. priced $4.52 million of autocallable variable coupon market-linked notes due April 18, 2029 tied to the worst performing of Medtronic plc, Amgen Inc., Okta, Inc. and Snowflake 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, 65% of the initial level, on the corresponding monthly review date, the payable coupon will be the equivalent of approximately 7.5% per year. If any stock closes below its coupon barrier, the annual rate will be 0.25%.
If each stock closes at or above its initial level on any monthly valuation 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: | Medtronic plc, Amgen Inc., Okta, Inc. and Snowflake Inc.
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| Amount: | $4,519,000
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| Maturity: | April 18, 2029
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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 7.5% per year; if any stock closes below its coupon barrier, the coupon will be 0.25% annualized
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| Price: | Par
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| Payout at maturity: | Par plus the relevant coupon
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| Call: | Automatically at par plus coupon if each stock closes at or above its initial level on any monthly valuation date after one year
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| Initial levels: | $80.23 for Medtronic, $265.51 for Amgen, $94.23 for Okta, $151.98 for Snowflake
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| Coupon barriers: | $52.15 for Medtronic, $172.582 for Amgen, $61.25 for Okta, $98.787 for Snowflake; 65% of initial levels
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| Pricing date: | April 15
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| Settlement date: | April 18
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 3.45%
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| Cusip: | 17331AXY2
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