Published on 4/18/2024 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $778,000 7.7% autocallable contingent coupon notes on stock, ETF
By Kiku Steinfeld
Chicago, April 18 – Citigroup Global Markets Holdings Inc. priced $778,000 of autocallable contingent coupon equity linked securities due Jan. 23, 2025 linked to the common stocks of Merck & Co., Inc. and Utilities Select Sector SPDR Fund, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 7.7% paid monthly if the worst performing stock closes at or above its 70% coupon barrier on the related valuation date.
The securities will be called automatically starting Nov. 17, 2023 if the price of the worst performing stock is greater than or equal to its initial price and on any subsequent monthly valuation date.
If the worst performing stock finishes at or above its 70% 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: | Merck & Co., Inc. and Utilities Select Sector SPDR Fund
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| Amount: | $778,000
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| Maturity: | Jan. 23, 2025
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| Coupon: | 7.7% paid monthly if the worst performing stock closes at or above its 70% coupon barrier on the related valuation date
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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 starting Nov. 17, 2023 if the price of the worst performing stock is greater than or equal to its initial price and on any subsequent monthly valuation date
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| Initial levels: | $105.57 for Merck & Co., Inc., $66.08 for Utilities Select Sector SPDR Fund
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| Coupon barriers: | $73.899 for Merck & Co., Inc., $46.256 for Utilities Select Sector SPDR Fund, 70% of initial levels
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| Final barriers: | $73.899 for Merck & Co., Inc., $46.256 for Utilities Select Sector SPDR Fund, 70% of initial levels
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| Pricing date: | July 17, 2023
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| Settlement date: | July 20, 2023
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| Agent: | Citigroup Global Markets Inc.
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| Fees: | 2.375%
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| Cusip: | 17291RSE3
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