Published on 11/7/2023 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $800,000 17% autocallable contingent coupon notes on stocks
By Kiku Steinfeld
Chicago, Nov. 7 – Citigroup Global Markets Holdings Inc. priced $800,000 of autocallable contingent coupon equity linked securities due April 10, 2025 linked to the common stocks of Apple Inc., Nvidia Corp. and lululemon athletica inc., according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 17% paid quarterly if the worst performing stock closes at or above its 50% coupon barrier on the related valuation date.
The securities will be called automatically starting Oct. 6, 2023 if the price of the worst performing stock is greater than or equal to its initial price on a quarterly valuation date.
If the worst performing stock finishes at or above its 50% 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 in shares 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: | Apple Inc., Nvidia Corp. and lululemon athletica inc.
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| Amount: | $800,000
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| Maturity: | April 10, 2025
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| Coupon: | 17% paid quarterly if the worst performing stock closes at or above its 50% 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 in shares or cash at the issuer’s option
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| Call: | Automatically starting Oct. 6, 2023 if the price of the worst performing stock is greater than or equal to its initial price on a quarterly valuation date
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| Initial levels: | $164.66 for Apple Inc., $270.37 for Nvidia Corp., $364.33 for lululemon athletica inc.
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| Coupon barriers: | $82.330 for Apple Inc., $135.185 for Nvidia Corp., $182.165 for lululemon athletica inc., 50% of initial levels
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| Final barriers: | $82.330 for Apple Inc., $135.185 for Nvidia Corp., $182.165 for lululemon athletica inc., 50% of initial levels
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| Equity ratios: | 6.07312 for Apple Inc., 2.74476 for Nvidia Corp., 3.69864 for lululemon athletica inc.
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| Pricing date: | April 6, 2023
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| Settlement date: | April 12, 2023
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| Agent: | Citigroup Global Markets Inc.
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| Fees: | 1.75%
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| Cusip: | 17331AFJ5
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