Published on 2/25/2021 in the Prospect News Structured Products Daily.
New Issue: Citi sells $11.79 million contingent coupon autocalls on Amazon, Apple
By Wendy Van Sickle
Columbus, Ohio, Feb. 25 – Citigroup Global Markets Holdings Inc. priced $11.79 million of autocallable contingent coupon equity-linked securities due Feb. 25, 2022 linked to the least performing of the stocks of Amazon.com, Inc. and Apple Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup, Inc.
The notes will pay a contingent quarterly coupon at an annual rate of 12% if each stock closes at or above its 74% coupon barrier value on the observation date for that quarter, plus any previously unpaid coupon.
The notes will be called at par if each stock closes at or above its initial level on any quarterly call review date.
The payout at maturity will be par unless any stock finishes below its 74% final barrier level, in which case investors will be exposed to the decline of the worst performing stock.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Global Markets Holdings Inc.
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| Guarantor: | Citigroup Global Markets Inc.
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| Issue: | Autocallable contingent coupon equity-linked securities
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| Underlying stockes: | Amazon.com, Inc. and Apple Inc.
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| Amount: | $11.79 million
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| Maturity: | Feb. 25, 2022
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| Coupon: | 12% annualized, payable quarterly if each stock closes at or above coupon barrier on valuation date for that quarter, plus any previously unpaid coupon
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| Price: | Par
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| Payout at maturity: | If each stock finishes at or above final barrier level, par; otherwise, 1% loss for each 1% decline of worse performing stock
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| Call: | At par if each stock closes at or above its initial level on any quarterly call review date
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| Initial levels: | $3,249.90 for Amazon, $129.87 for Apple
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| Coupon barriers: | $2,404.926 for Amazon, $96.104 for Apple; 74% of initial levels
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| Final barrier levels: | $2,404.926 for Amazon, $96.104 for Apple; 74% of initial levels
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| Pricing date: | Feb. 19
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| Settlement date: | Feb. 24
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 1%
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| Cusip: | 17328NEP9
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