Published on 4/17/2023 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $920,000 autocallable contingent coupon notes on three stocks
Chicago, April 17 – Citigroup Global Markets Holdings Inc. priced $920,000 of autocallable contingent coupon equity linked securities due May 23, 2024 linked to the common stocks of Amazon.com, Inc., Halliburton Co. and JPMorgan Chase & Co., according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 20.75% paid quarterly if the worst performing stock closes at or above its 60% coupon barrier on the related valuation date.
The securities will be called automatically starting Nov. 21, 2022 if the price of the worst performing stock is greater than or equal to its initial price and on any subsequent quarterly valuation date.
If the worst performing stock finishes at or above its 60% final barrier the payout at maturity will be par. Otherwise investors will lose 1% loss for every 1% that the worst performing stock declines, payable as shares of the worst performer or cash 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: | Autocallable contingent coupon equity linked securities
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| Underlying stocks: | Amazon.com, Inc., Halliburton Co. and JPMorgan Chase & Co.
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| Amount: | $920,000
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| Maturity: | May 23, 2024
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| Coupon: | 20.75% annual rate, paid quarterly if the worst performing stock closes at or above its 60% 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, payable as shares or cash at the issuer’s option
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| Call: | Automatically starting Nov. 21, 2022 if the price of the worst performing stock is greater than or equal to its initial price and on any subsequent quarterly valuation date
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| Initial levels: | $2,307.37 for Amazon, $37.88 for Halliburton, $122.18 for JPMorgan
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| Coupon barriers: | $1,384.422 for Amazon, $22.728 for Halliburton, $73.308 for JPMorgan, 60% of initial levels
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| Final barriers: | $1,384.422 for Amazon, $22.728 for Halliburton, $73.308 for JPMorgan, 60% of initial levels
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| Equity ratios: | 0.43339 for Amazon, 26.39916 for Halliburton, 8.18465 for JPMorgan
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| Strike date: | May 17, 2022
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| Pricing date: | May 20, 2022
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| Settlement date: | May 25, 2022
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| Agent: | Citigroup Global Markets Inc.
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| Fees: | 1.75%
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| Cusip: | 17330DDW3
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