Published on 12/30/2020 in the Prospect News Structured Products Daily.
New Issue: Citigroup sells $1.77 million contingent coupon autocalls on four stocks
By Kiku Steinfeld
Chicago, Dec. 30 – Citigroup Global Markets Holdings Inc. priced $1.77 million of autocallable contingent coupon equity-linked securities due June 28, 2022 linked to the least performing of the common stocks of Amazon.com, Inc., Tesla, Inc., Netflix, Inc. and Zoom Video Communications, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 16.5% if each underlying stock closes at or above its 50% coupon barrier on the observation date for that quarter.
The notes will be called at par if each stock closes at or above 100% of its initial level on any quarterly call observation date.
The payout at maturity will be par plus the coupon unless any stock finishes below its 50% trigger level, in which case investors will receive a number of shares equal to $1,000 divided by the initial share price or, at the issuer’s option, the cash equivalent.
The notes are guaranteed by Citigroup Inc.
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., Tesla, Inc., Netflix, Inc. and Zoom Video Communications, Inc.
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| Amount: | $1,772,000
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| Maturity: | June 28, 2022
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| Coupon: | 16.5% annualized, payable monthly if each stock closes at or above 50% coupon barrier on review date for that period
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| Price: | Par
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| Payout at maturity: | If each stock finishes at or above 50% trigger level, par plus coupon; otherwise, a number of shares equal to $1,000 divided by the initial share price or, at the issuer’s option, the cash equivalent
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| Call: | At par if each stock closes at or above 100% of its initial level on any monthly call observation date
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| Initial levels: | $3,185.27 for Amazon, $514.48 for Netflix, $645.98 for Tesla and $383.88 for Zoom
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| Barrier levels: | $1,592.635 for Amazon, $257.240 for Netflix, $322.990 for Tesla and $191.940 for Zoom; 50% of initial levels
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| Equity ratios: | 0.31395 for Amazon, 1.94371 for Netflix, 1.54804 for Tesla and 2.60498 for Zoom
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| Pricing date: | Dec. 23
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| Settlement date: | Dec. 29
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| Agent: | Citigroup Global Markets Inc.
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| Fees: | 4%
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| Cusip: | 17328NCB2
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