Published on 3/23/2023 in the Prospect News Structured Products Daily.
New Issue: Citi prices $2.22 million contingent coupon equity linked autocallables on three stocks
New York, March 23 – Citigroup Global Markets Holdings Inc. priced $2.22 million of autocallable contingent coupon equity linked securities due March 20, 2026 linked to the common stocks of Target Corp., Home Depot, Inc. and Visa Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 11% per year, paid quarterly, if the worst performing stock closes at or above its 52% coupon barrier on the related valuation date, plus any previously unpaid coupons.
The securities will be called automatically at par if the closing price of the worst performing stock is greater than or equal to its initial price on any quarterly valuation date.
If the worst performing stock finishes at or above its 52% final barrier, the payout at maturity will be par.
Otherwise, investors will receive a number of shares of the worst performing stock equal to $1,000 divided by that stock’s initial level or, at the issuer’s option, the cash equivalent.
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: | Target Corp., Home Depot, Inc. and Visa Inc.
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| Amount: | $2,218,000
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| Maturity: | March 20, 2026
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| Coupon: | 11% per year, paid quarterly if the worst performing stock closes at or above its 52% 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; otherwise, receive a number of shares of worst performing stock equal to its equity ratio or, at the issuer’s option, the cash equivalent
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| Call: | Automatically at par if the closing price of the worst performing stock is greater than or equal to its initial price on any quarterly valuation date
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| Initial levels: | $159.36 for Target Corp., $288.39 for Home Depot, Inc., $217.39 for Visa Inc.
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| Coupon barriers: | $82.867 for Target Corp., $149.963 for Home Depot, Inc., $113.043 for Visa Inc., 52% of initial levels
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| Final barriers: | $82.867 for Target Corp., $149.963 for Home Depot, Inc., $113.043 for Visa Inc., 52% of initial levels
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| Equity ratios: | 6.2751 for Target Corp., 3.46753 for Home Depot, Inc., 4.60003 for Visa Inc., shares delivered per security
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| Pricing date: | March 17
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| Settlement date: | March 22
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| Agent: | Citigroup Global Markets Inc.
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| Fees: | 2%
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| Cusip: | 17331ABR1
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