By Taylor Fox
New York, Dec. 21 – Citigroup Global Markets Holdings Inc. priced $1.07 million of autocallable contingent coupon equity-linked securities due Dec. 20, 2021 linked to the worse performing of the stocks of Alphabet 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 8% if each stock closes at or above its coupon barrier price, 75% of its initial share price, on the valuation date for that quarter.
The notes will be automatically called at par of $5,000 plus the coupon if each stock closes at or above its initial price on any quarterly valuation date.
If the notes are not called and each stock finishes at or above its final barrier price, 75% 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, payable in either stock or cash 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: | Alphabet Inc. and Microsoft Corp.
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Amount: | $1,065,000
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Maturity: | Dec. 20, 2021
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Coupon: | 8% annualized rate, payable quarterly if each stock closes at or above coupon barrier price on valuation date for that quarter
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Price: | Par of $5,000
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Payout at maturity: | Par plus contingent coupon if each stock closes at or above final barrier price; otherwise, full exposure to losses of worst performer
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Call: | Automatically at par plus coupon if each stock closes at or above initial price on any quarterly valuation date
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Initial share prices: | $1,761.08 for Alphabet and $214.13 for Microsoft
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Coupon barrier prices: | $1,320.810 for Alphabet and $160.598 for Microsoft, 75% of initial share prices
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Final barrier prices: | $1,320.810 for Alphabet and $160.598 for Microsoft, 75% of initial share prices
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Equity ratios: | 2.83917 for Alphabet and 23.35030 for Microsoft
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Pricing date: | Dec. 15
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Settlement date: | Dec. 18
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Underwriter: | Citigroup Global Markets Inc.
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Fees: | 1%
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Cusip: | 17328NAG3
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