By Kiku Steinfeld
Chicago, March 9 – Citigroup Global Markets Holdings Inc. priced $2.95 million of autocallable phoenix securities due March 16, 2022 linked to Advanced Micro Devices, Inc. stock, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 24.9% plus any previously unpaid contingent coupon payments if the stock closes at or above its 80% coupon barrier on the observation date for that quarter.
Beginning June 3, the notes will be called at par plus the contingent coupon if the stock closes at or above its initial price on any quarterly review date.
The payout at maturity will be par unless the stock finishes below its 80% barrier, in which case investors will be fully exposed to the stock’s losses.
The notes are guaranteed by Citigroup Inc.
Citigroup Global Markets Inc. is the underwriter with J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA as placement agents.
| Issuer: | Citigroup Global Markets Holdings Inc.
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| Guarantor: | Citigroup Inc.
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| Issue: | Autocallable phoenix securities
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| Underlying stock: | Advanced Micro Devices, Inc.
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| Amount: | $2.95 million
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| Maturity: | March 16, 2022
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| Coupon: | 24.9% annualized, payable each quarter any previously unpaid contingent coupon payments if stock closes at or above 80% coupon barrier on determination date for that quarter
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| Price: | Par
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| Payout at maturity: | If stock finishes above downside threshold, par; otherwise, full exposure to decline
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| Call: | At par plus contingent coupon if stock closes at or above initial level on June 3, 2021, Sept. 2, 2021 or Dec. 2, 2021
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| Initial share price: | $86.94
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| Barrier levels: | $69.552, 80% of initial level
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| Pricing date: | Feb. 24
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| Settlement date: | March 1
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| Underwriter: | Citigroup Global Markets Inc. with J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA as placement agents
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| Fees: | 1%
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| Cusip: | 17328YVP6
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