Published on 12/19/2020 in the Prospect News Structured Products Daily.
New Issue: Citi sells $1.64 million autocallable equity notes on 3M, ServiceNow and Take-Two
By Taylor Fox
New York, Dec. 21 – Citigroup Global Markets Holdings Inc. priced $1.64 million of 6.65% autocallable equity-linked notes due Sept. 22, 2022 linked to the worst performing of the common stocks of 3M Co., ServiceNow, Inc. and Take-Two Interactive Software, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be guaranteed by Citigroup Inc.
If all stocks close at or above 95% of their initial levels on any monthly potential autocall date starting April 15, 2021, the notes will be automatically called at par plus the coupon due.
If the notes have not been called and final levels of each stock is greater than or equal to 55% of the initial level, the payout will be par plus the final coupon.
If the worst-performing stock finishes below its barrier level, investors will be fully exposed to losses of the worst performer, payable either in shares or cash.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Global Markets Holdings Inc.
|
| Guarantor: | Citigroup Inc.
|
| Issue: | Autocallable equity-linked securities
|
| Underlying stocks: | 3M Co., ServiceNow, Inc. and Take-Two Interactive Software, Inc.
|
| Amount: | $1,640,000
|
| Maturity: | Sept. 22, 2022
|
| Coupon: | 6.65%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | If the final levels of all three stocks finish above their barrier levels, par plus coupon; otherwise, full exposure to losses of worst performer, payable in cash or shares
|
| Call: | Automatically at par plus coupon if all stocks close above 95% of their initial value on any monthly potential autocall date starting April 15, 2021
|
| Initial levels: | $173.08 for 3M, $532.48 for ServiceNow and $195.20 for Take-Two
|
| Autocall barrier levels: | $164.426 for 3M, $505.856 for ServiceNow and $185.44 for Take-Two, 95% of initial levels
|
| Barrier levels: | $95.194 for 3M, $292.864 for ServiceNow and $107.36 for Take-Two, 50% of initial levels
|
| Equity ratios: | 5.77768 for 3M, 1.87800 for ServiceNow and 5.12295 for Take-Two
|
| Pricing date: | Dec. 15
|
| Settlement date: | Dec. 22
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 2.8%
|
| Cusip: | 17328NBL1
|
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