Published on 3/21/2024 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $3.21 million autocallable securities linked to AMD, Amazon, Meta
By William Gullotti
Buffalo, N.Y., March 21 – Citigroup Global Markets Holdings Inc. priced $3.21 million of 0% autocallable securities due March 16, 2028 linked to the common stocks of Advanced Micro Devices, Inc., Amazon.com, Inc. and Meta Platforms, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
An underlying stock will be considered knocked-in if, on any monthly review date starting March 14, 2025, it closes at or above its 90% premium barrier. For clarity, once a stock has knocked-in, it stays that way for the remaining life of the notes.
If each stock has become knocked-in on any monthly review date, the securities will be automatically called at par plus a 26.25% annualized call premium.
At maturity, if each stock has become knocked-in, the payout will be par plus 105%.
If any stock is not knocked-in at maturity and each stock finishes at or above its 60% downside barrier, the payout will be par.
If any stock is not knocked-in and the worst performer finishes below its downside barrier, investors will be fully exposed to the decline of that stock from its initial level.
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 securities
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| Underlying stocks: | Advanced Micro Devices, Inc., Amazon.com, Inc. and Meta Platforms, Inc.
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| Amount: | $3,206,000
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| Maturity: | March 16, 2028
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| Coupon: | 0%
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| Price: | Par
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| Knock-in: | Starting March 14, 2025, an underlying stock will knock-in if it closes at or above its premium barrier on any monthly review date
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| Payout at maturity: | If each stock is knocked-in, par plus 105%; if any stock is not knocked-in and the worst performer finishes at or above downside barrier, par; if any stock is not knocked-in and the worst performer finishes below downside barrier, lose 1% for each 1% decline of that stock from its initial level
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| Call: | If each stock becomes knocked-in on any monthly review date, starting March 14, 2025, the securities will be called at par plus a 26.25% annualized premium
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| Initial levels: | $194.79 for AMD, $176.56 for Amazon, $495.57 for Meta
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| Premium barriers: | $175.311 for AMD, $158.90 for Amazon, $446.013 for Meta; 90% of initial levels
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| Downside barriers: | $116.874 for AMD, $105.933 for Amazon, $297.342 for Meta; 60% of initial levels
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| Pricing date: | March 13
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| Settlement date: | March 18
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| Agent: | Citigroup Global Markets Inc.
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| Fees: | None
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| Cusip: | 17291LQY4
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