Published on 10/4/2023 in the Prospect News Structured Products Daily.
New Issue: Citi sells $687,000 callable contingent coupon equity notes on four stocks
By Kiku Steinfeld
Chicago, Oct. 4 – Citigroup Global Markets Holdings Inc. priced $687,000 of callable contingent coupon equity-linked securities due March 26, 2025 linked to the worst performing of Amazon.com, Inc., Costco Wholesale Corp., Target Corp. and Walmart Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The notes pay a contingent monthly coupon at an annualized rate of 22% if each stock closes at or above its coupon barrier level, 62% of its initial level, on the valuation date for that period.
The notes will be callable in whole at par plus any coupon due on any monthly valuation date after three months.
If the notes are not redeemed early, the payout will be par unless any stock finishes below 62% of its initial level, in which case investors will lose 1% for every 1% that the least performing stock declines.
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: | Callable contingent coupon equity-linked securities
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| Underlying stocks: | Costco Wholesale Corp., Amazon.com, Inc., Target Corp., Walmart Inc.
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| Amount: | $687,000
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| Maturity: | March 26, 2025
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| Contingent coupon: | 22% per year, payable monthly if each stock closes at or above coupon barrier on the valuation date for that period
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| Price: | Par
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| Payout at maturity: | Par unless any stock finishes below its final barrier level, in which case investors will lose 1% for every 1% that the least performing stock declines
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| Call option: | In whole at par any monthly valuation date after three months
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| Initial levels: | $100.61 for Amazon, $490.85 for Costco, $162.71 for Target, $140.42 for PayPal
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| Coupon barrier levels: | $62.378 for Amazon, $304.327 for Costco, $100.880 for Target, $87.060 for Walmart; 62% of initial levels
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| Final barrier levels: | $62.378 for Amazon, $304.327 for Costco, $100.880 for Target, $87.060 for Walmart; 62% of initial levels
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| Pricing date: | March 21, 2023
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| Settlement date: | March 24, 2023
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 0.75%
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| Cusip: | 17331H7B6
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