Published on 10/10/2023 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $210,000 11% autocallable contingent coupon notes on two stocks
By Kiku Steinfeld
Chicago, Oct. 10 – Citigroup Global Markets Holdings Inc. priced $210,000 of autocallable contingent coupon equity linked securities due March 31, 2026 linked to the common stocks of Cisco Systems, Inc. and salesforce.com, inc., according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 11% paid quarterly if the worst performing stock closes at or above its 60% coupon barrier on the related valuation date, plus any previously unpaid coupons.
The securities will be called automatically if the 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 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 in shares or cash at the option of the issuer.
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: | Cisco Systems, Inc. and salesforce.com, inc.
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| Amount: | $210,000
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| Maturity: | March 31, 2026
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| Coupon: | 11% paid quarterly if the worst performing stock closes at or above its 60% 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; 1% loss for every 1% that worst performing stock declines if it ends below final barrier, payable in shares or cash at option of the issuer
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| Call: | Automatically if the 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: | $49.73 for Cisco Systems, Inc., $187.44 for salesforce.com, inc.
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| Coupon barriers: | $29.838 for Cisco Systems, Inc., $112.464 for salesforce.com, inc., 60% of initial levels
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| Final barriers: | $29.838 for Cisco Systems, Inc., $112.464 for salesforce.com, inc., 60% of initial levels
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| Equity ratios: | 20.10859 for Cisco Systems, Inc., 5.33504 for salesforce.com, inc.
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| Pricing date: | March 24, 2023
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| Settlement date: | March 31, 2023
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| Agent: | Citigroup Global Markets Inc.
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| Fees: | 3.25%
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| Cusip: | 17331AAH4
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