Published on 1/5/2024 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $1.03 million autocallable securities linked to basket of 10 stocks
By Angela McDaniels
Tacoma, Wash., Jan. 5 – Citigroup Global Markets Holdings Inc. priced $1.03 million of 0% autocallable securities due May 1, 2026 linked to an equally weighted basket of 10 stocks, according to a 424B2 filing with the Securities and Exchange Commission.
The basket includes 3M Co., Amgen Inc., Chevron Corp., Cisco Systems, Inc., Dow Inc., Intel Corp., International Business Machines Corp., JPMorgan Chase & Co., Verizon Communications Inc. and Walgreens Boots Alliance, Inc.
Beginning May 1, 2024, the notes will be automatically called at par plus 11.35% per year if the basket closes at or above the initial basket level on any semiannual call observation date.
If the final basket level is greater than the initial basket level, the payout at maturity will be par plus 34.05%.
If the final basket level is less than or equal to the initial basket level but greater than or equal to the trigger level, 90% of the initial basket level, the payout will be par.
If the final basket level is less than the trigger level, investors will lose 1% for every 1% that the final basket level is less than the initial basket level.
The notes are guaranteed by Citigroup Inc.
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 securities
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| Underlying stocks: | 3M Co., Amgen Inc., Chevron Corp., Cisco Systems, Inc., Dow Inc., Intel Corp., International Business Machines Corp., JPMorgan Chase & Co., Verizon Communications Inc. and Walgreens Boots Alliance, Inc., equally weighted
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| Amount: | $1.03 million
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| Maturity: | May 1, 2026
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If final basket level is greater than initial basket level, par plus 34.05%; if final basket level is less than or equal to initial basket level but greater than or equal to trigger level, par; if final basket level is less than trigger level, 1% loss for every 1% that final basket level is less than initial basket level
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| Call: | Beginning May 1, 2024, automatically at par plus 11.35% per year if basket closes at or above initial basket level on any semiannual call observation date
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| Initial share prices: | $106.22 for 3M, $239.74 for Amgen, $168.58 for Chevron, $47.25 for Cisco, $54.40 for Dow, $31.06 for Intel, $126.41 for IBM, $138.24 for JPMorgan, $38.83 for Verizon and $35.25 for Walgreens Boots
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| Trigger level: | 90% of initial basket level
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| Pricing date: | April 28, 2023
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| Settlement date: | May 3, 2023
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 3.75%
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| Cusip: | 17331HEU6
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