Published on 3/19/2021 in the Prospect News Structured Products Daily.
New Issue: Citi prices $515,000 contingent coupon autocalls on tech stocks
By Wendy Van Sickle
Columbus, Ohio, March 19 – Citigroup Global Markets Holdings Inc. priced $515,000 of autocallable contingent coupon equity-linked securities due March 6, 2023 linked to the stocks of Alphabet Inc., 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 will pay a contingent quarterly coupon at an annual rate of 12.5% if each stock closes at or above its coupon barrier level, 70% of its initial level, on the determination date for that period.
The notes will be automatically called at par plus the contingent coupon if each stock closes at or above its initial level on any quarterly call observation date.
If the notes are not called and the worst performing stock finishes below its 60% barrier level, investors will lose 1% for each 1% 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 Inc.
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| Issue: | Autocallable contingent coupon equity-linked securities
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| Underlying stocks: | Alphabet Inc., Amazon.com, Inc., Apple Inc. and Microsoft Corp.
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| Amount: | $515,000
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| Maturity: | March 6, 2023
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| Coupon: | 12.5% annualized rate, payable quarterly if each stock closes at or above coupon barrier on determination date for period
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| Price: | Par
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| Payout at maturity: | Par if each stock finishes at or above barrier level; otherwise, 1% for each 1% decline of least performing stock
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| Call: | Automatically at par plus contingent coupon if each stock closes at or above initial level on any quarterly call observation date
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| Initial levels: | $2,021.91 for Alphabet, 3,092.93.93 for Amazon.com, $121.26 for Apple, $232.38 for Microsoft
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| Coupon barrier levels: | $1,415.337 for Alphabet, $2,165.051 for Amazon.com, $84.882 for Apple, $162.666 for Microsoft; 60% of initial levels
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| Barrier levels: | $1,213.146 for Alphabet, $1,855.758 for Amazon.com, $72.756 for Apple, $139.428 for Microsoft; 60% of initial levels
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| Pricing date: | March 1
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| Settlement date: | March 4
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 0.4%
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| Cusip: | 17328YXK5
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