Published on 8/8/2023 in the Prospect News Structured Products Daily.
New Issue: Citigroup sells $500,000 10% autocallable equity notes on Adobe, Applied Materials, Deere
Chicago, Aug. 8 – Citigroup Global Markets Holdings Inc. priced $500,000 of 10% autocallable equity-linked securities due Jan. 31, 2025 linked to the worst performing of the common stocks of Adobe Inc., Applied Materials, Inc. and Deere & Co., according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be paid quarterly.
The securities will be called automatically starting Oct. 24 at par if the price of the worst performing stock is greater than or equal to its initial price and on any subsequent quarterly valuation date.
The payout at maturity will be par if the worst performing stock ends at or above its 70% final buffer value. Otherwise, investors will lose 1% for every 1% that the worst performing stock declines beyond 30%, 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 equity-linked securities
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| Underlying stocks: | Adobe Inc., Applied Materials, Inc. and Deere & Co.
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| Amount: | $500,000
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| Maturity: | Jan. 31, 2025
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| Coupon: | 10% annual rate, payable quarterly
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| Price: | Par
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| Payout at maturity: | If worst performing stock finishes at or above final buffer, par; 1% loss for every 1% that worst performing stock declines beyond buffer, payable as shares or cash at option of issuer
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| Call: | Automatically starting Oct. 24 at par if the price of the worst performing stock is greater than or equal to its initial price and on any subsequent quarterly valuation date
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| Initial levels: | $525.34 for Adobe, $140.06 for Applied Materials, $446.33 for Deere
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| Final buffer levels: | $367.738 for Adobe, $98.042 for Applied Materials, $312.431 for Deere, 70% of initial levels
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| Equity ratios: | 2.71933 for Adobe, 10.19971 for Applied Materials, 3.20071 for Deere
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| Strike date: | July 25
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| Pricing date: | July 26
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| Settlement date: | Aug. 2
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| Agent: | Citigroup Global Markets Inc.
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| Fees: | 1.5%
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| Cusip: | 17331AKC4
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