Published on 6/29/2021 in the Prospect News Structured Products Daily.
New Issue: Citi prices $1.24 million autocallable contingent coupon equity notes on Amazon, Coke
By William Gullotti
Buffalo, N.Y., June 29 – Citigroup Global Markets Holdings Inc. priced $1.24 million of autocallable contingent coupon equity-linked securities due June 28, 2023 linked to the performance of the stocks of Amazon.com, Inc. and Coca-Cola Co., 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 7.5% if each stock closes at or above its coupon barrier price, 78% of its initial share price, on the valuation date for that period. Any previously unpaid coupons will also be paid.
The notes will be automatically called at par plus the coupon if each stock closes at or above its initial share price on any quarterly autocall date.
If the notes are not called and each stock finishes at or above its final barrier price, 78% of its initial share price, the payout at maturity will be par plus the final coupon. Otherwise, investors will be fully exposed to the losses of the worst performer, paid as cash or shares at the issuer’s option.
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: | Amazon.com, Inc., Coca-Cola Co.
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Amount: | $1,240,000
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Maturity: | June 28, 2023
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Coupon: | 7.5% annualized rate, payable quarterly if each stock closes at or above coupon barrier price on valuation date for that period; previously unpaid coupons will also be paid
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Price: | Par of $5,000
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Payout at maturity: | If each stock closes at or above final barrier price, par plus the final coupon; otherwise, full exposure to losses of worst performer, payable as cash or shares at the issuer’s option
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Call: | Automatically at par plus coupon if each stock closes at or above initial level on any quarterly valuation date
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Initial share prices: | $3,503.82 for Amazon, $54.12 for Coke
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Coupon barrier prices: | $2,732.98 for Amazon, $42.214 for Coke; 78% of initial share prices
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Final barrier prices: | $2,732.98 for Amazon, $42.214 for Coke; 78% of initial share prices
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Equity levels: | 1.42701 for Amazon, 92.38729 for Coke
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Pricing date: | June 23
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Settlement date: | June 28
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Underwriter: | Citigroup Global Markets Inc.
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Fees: | 1.75%
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Cusip: | 17328NUJ5
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