Published on 5/12/2023 in the Prospect News Structured Products Daily.
New Issue: Citi prices $250,000 autocallable contingent coupon equity notes on two tech stocks
By Kiku Steinfeld
Chicago, May 12 – Citigroup Global Markets Holdings Inc. priced $250,000 of autocallable contingent coupon equity-linked securities due Jan. 13, 2025 linked to the worst performing of the stocks of Amazon.com, Inc. and Microsoft Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The notes will pay a contingent quarterly coupon at an annual rate of 14% if each stock closes at or above its coupon barrier price, 60% of its initial share price, on the valuation date for that period. Previously unpaid coupons, if any, will be automatically included whenever a coupon is paid.
The notes will be automatically called at par plus the coupon if each stock closes at or above its initial share price on any quarterly valuation date.
If the notes are not called and each stock finishes at or above its final barrier price, 60% of its initial share price, the payout at maturity will be par plus the final coupon. Otherwise, investors will receive a number of shares of the worst performer equal to $1,000 divided by that stock’s initial share price or, at the issuer’s option, the cash equivalent.
Citigroup Global Markets Inc. is the underwriter.
| 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., Microsoft Corp.
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| Amount: | $250,000
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| Maturity: | Jan. 13, 2025
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| Coupon: | 14% annualized rate, payable quarterly if each stock closes at or above coupon barrier price on valuation date for that period; coupon payment events will automatically include any previously unpaid coupons
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| Price: | Par of $1,000
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| Payout at maturity: | Par plus all unpaid coupons if each stock finishes at or above final barrier price; otherwise, investors will receive a number of shares of worst performer equal to that stock’s equity ratio or, at the issuer’s option, the cash equivalent
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| Call: | Automatically at par plus coupon if each stock closes at or above initial level on any quarterly valuation date
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| Initial share prices: | $83.12 for Amazon, $222.31 for Microsoft
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| Coupon barrier prices: | $49.872 for Amazon, $133.386 for Microsoft; 60% of initial share prices
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| Final barrier prices: | $49.872 for Amazon, $133.386 for Microsoft; 60% of initial share prices
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| Equity ratio: | 12.03080 for Amazon, 4.49822 for Microsoft; shares delivered per security
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| Pricing date: | Jan. 6, 2023
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| Settlement date: | Jan. 13, 2023
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 2%
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| Cusip: | 17331ABW0
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