Published on 1/15/2021 in the Prospect News Structured Products Daily.
New Issue: Citigroup sells $6.38 million contingent coupon autocalls on three tech stocks
By Kiku Steinfeld
Chicago, Jan. 15 – Citigroup Global Markets Holdings Inc. priced $6.38 million of autocallable contingent coupon equity-linked securities due Jan. 16, 2024 tied to the common stocks Amazon.com, Inc., Apple Inc. and Netflix, Inc., 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 12.75% if each stock closes at or above its 60% coupon barrier price on the review date for that quarter.
Beginning July 8, 2021, the notes will be automatically redeemed at par plus interest if each stock closes at or above its initial price on any quarterly redemption date.
If the notes are not called and the final price of each stock is at least 60% of its initial price, the payout at maturity will be par. Otherwise, investors will be fully exposed to the decline of the least-performing stock.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Global Markets Holdings Inc.
|
| Guarantor: | Citigroup Inc.
|
| Issue: | Autocallable contingent coupon equity-linked securities
|
| Underlying stocks: | Amazon.com Inc., Alphabet, Inc. and Netflix, Inc.
|
| Amount: | $6,379,000
|
| Maturity: | Jan. 16, 2024
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| Coupon: | 12.75% annualized, payable quarterly if each stock closes at or above coupon barrier price on review date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par if each stock’s final price is at least 60% of initial price; otherwise, full exposure to decline of least-performing stock
|
| Call: | Beginning July 8, 2021, at par plus interest if each stock closes at or above initial price on any quarterly redemption date
|
| Initial levels: | $3,182.70 for Amazon, $132.05 for Apple, $510.40 for Netflix
|
| Coupon barriers/final barriers: | $1,909.620 for Amazon, $79.230 for Apple, $306.240 for Netflix; 60% of initial levels
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| Pricing date: | Jan. 8
|
| Settlement date: | Jan. 15
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 1.5%
|
| Cusip: | 17328YEH3
|
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