Published on 10/14/2022 in the Prospect News Structured Products Daily.
New Issue: Citi sells $450,000 autocallable contingent barrier notes on basket of fourteen stocks
By Kiku Steinfeld
Chicago, Oct. 14 – Citigroup Global Markets Holdings Inc. priced $450,000 of 0% autocallable contingent barrier notes due Feb. 23, 2024 tied to an equally-weighted basket of fourteen stocks, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be guaranteed by Citigroup Inc.
The basket consists of Walt Disney Co., Unity Software Inc., Take-Two Interactive Software, Inc., Taiwan Semiconductor Manufacturing Co Ltd., Sony Group Corp., Roblox Corp., Qualcomm Inc., PayPal Holdings, Inc., Microsoft Corp., Apple Inc., Meta Platforms, Inc., Amazon.com, Inc., Alphabet Inc. and Advanced Micro Devices, Inc.
If the basket closes at or above its initial level on March 3, 2023, the notes will be called at par plus a premium of 14.75%.
If the notes are not called and the basket finishes at or above its initial level, the payout at maturity will be par plus 150% of the basket return.
If the basket declines up to the 80% barrier, investors will receive par. Otherwise, investors will lose 1% for each 1% decline of the basket from its initial level.
Citigroup Global Markets Inc. is the underwriter with J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA acting as the placement agents.
| Issuer: | Citigroup Global Markets Holdings Inc.
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| Guarantor: | Citigroup Inc.
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| Issue: | Autocallable contingent barrier notes
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| Underlying stocks: | Walt Disney Co., Unity Software Inc., Take-Two Interactive Software, Inc., Taiwan Semiconductor Manufacturing Co Ltd., Sony Group Corp., Roblox Corp., Qualcomm Inc., PayPal Holdings, Inc., Microsoft Corp., Apple Inc., Meta Platforms, Inc., Amazon.com, Inc., Alphabet Inc. and Advanced Micro Devices, Inc.; equal weights
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| Amount: | $450,000
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| Maturity: | Feb. 23, 2024
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If the basket finishes at or above its initial level, par plus 150% of the basket return; if the basket declines no farther than barrier level, par; otherwise, investors will lose 1% for each 1% decline from initial level
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| Call: | If the basket closes at or above initial level on March 3, 2023, at par plus a 14.75% call premium
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| Initial levels: | $151.36 for Disney, $99.09 for Unity, $158.50 for Take-Two, $119.31 for Taiwan, $104.23 for Sony, $49.72for Roblox, $167.64 for Qualcomm, $103.65 for PayPal, $287.93 for Microsoft, $167.30 for Apple, $206.16 for Meta, $3,052.03 for Amazon, $2,608.06 for Alphabet, $113.83 for AMD
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| Barrier level: | 80% of initial level
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| Pricing date: | Feb. 18
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| Settlement date: | Feb. 24
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| Underwriter: | Citigroup Global Markets Inc. with J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA acting as placement agents
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| Fees: | 1.5%
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| Cusip: | 17330ADR0
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