Published on 1/24/2024 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $490,000 autocallable barrier securities linked to Invesco QQQ
By Kiku Steinfeld
Chicago, Jan. 24 – Citigroup Global Markets Holdings Inc. priced $490,000 of 0% autocallable barrier securities due June 10, 2026 linked to the common stock of Invesco QQQ Trust, Series 1, according to a 424B2 filing with the Securities and Exchange Commission.
If the stock gains the payout will be par plus the greater of 150% of the stock return and 23.8%. Investors will receive par if the stock declines but ends at or above its 70% final barrier and they will lose 1% for every 1% that the stock declines if it finishes below the final barrier, payable in shares or cash at the option of the issuer.
The notes will be called automatically if the level of the stock is greater than or equal to its initial level at par plus an 11.9% per year call premium on any annual valuation date.
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 barrier securities
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| Underlying stock: | Invesco QQQ Trust, Series 1
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| Amount: | $490,000
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| Maturity: | June 10, 2026
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| Coupon: | 0%
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| Price: | $10,000.00
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| Payout at maturity: | If stock finishes at or above its initial value, par plus greater of 150% of the stock return and 23.8%; if stock declines but finishes at or above its 70% final barrier, par; 1% loss for every 1% that stock declines if it finishes below its final barrier, payable in shares or cash at the option of the issuer
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| Initial level: | $354.90
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| Final barrier: | $248.43, 70% of initial level
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| Call: | Automatically if the level of the stock is greater than or equal to its initial level on June 5, 2024 at par plus an 11.9% per year call premium on any annual valuation date
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| Upside leverage: | 150%
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| Equity ratio: | 28.17695
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| Pricing date: | June 5, 2023
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| Settlement date: | June 8, 2023
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| Agent: | Citigroup Global Markets Inc.
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| Fees: | 2%
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| Cusip: | 17331AHS3
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