Published on 12/7/2021 in the Prospect News Structured Products Daily.
New Issue: Citi sells $1.5 million callable contingent coupon equity notes on three stocks
By Wendy Van Sickle
Columbus, Ohio, Dec. 7 – Citigroup Global Markets Holdings Inc. priced $1.5 million of callable contingent coupon equity-linked securities due Aug. 22, 2024 linked to the worst performing of Amazon.com, Inc., Apple Inc. and Microsoft Corp., 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 9.65% if each stock closes at or above its coupon barrier level, 75% 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 quarterly valuation date.
If the notes are not redeemed early and each stock finishes at or above the 60% final barrier, the payout at maturity will be par plus the final coupon. Otherwise, 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: | Apple Inc., Amazon.com, Inc., Microsoft Corp.
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Amount: | $1.5 million
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Maturity: | Aug. 22, 2024
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Contingent coupon: | 9.65% 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: | If each stock finishes at or above final barrier, par plus final coupon; otherwise, lose 1% for every 1% decline of the worst performer from its initial level
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Call option: | In whole at par plus any coupon due on any quarterly valuation date
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Initial levels: | $3,241.96 for Amazon, $150.19 for Apple, $293.08 for Microsoft
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Coupon barrier levels: | $2,431.47 for Amazon, $112.643 for Apple, $219.81 for Microsoft; 75% of initial levels
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Final barrier levels: | $1,945.176 for Amazon, $90.114 for Apple, $175.848 for Microsoft; 60% of initial levels
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Pricing date: | Aug. 17
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Settlement date: | Aug. 20
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Underwriter: | Citigroup Global Markets Inc.
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Fees: | 0.75%
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Cusip: | 17329QJY7
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