Summary by Futu AI
Citigroup Inc. has announced the preliminary terms of a new investment product, the 5 Year Autocallable Variable Coupon Market-Linked Notes, which are based on the performance of the worst of four specific underlyings: Amgen Inc. (AMGN), Atlassian Corporation (TEAM), F5, Inc. (FFIV), and Generac Holdings Inc. (GNRC). The notes, guaranteed by Citigroup Inc. and issued by Citigroup Global Markets Holdings Inc., have a pricing date set for May 17, 2024, with monthly coupon payments starting in June 2024. The notes offer a higher coupon rate if the worst-performing underlying is at or above its coupon barrier value on the valuation date, with an automatic early redemption feature based on the performance of the underlyings. The notes are subject to various risks, including the performance of multiple underlyings, credit risk of the issuer and guarantor, and potential loss of principal if sold before maturity. The offering is detailed in the Preliminary Pricing Supplement dated April 26, 2024, and additional information can be obtained from the SEC filings by Citigroup.