Published on 3/24/2021 in the Prospect News Structured Products Daily.
New Issue: Citi prices $3.45 million autocallable contingent coupon equity notes on three stocks
By Kiku Steinfeld
Chicago, March 24 – Citigroup Global Markets Holdings Inc. priced $3.45 million of autocallable contingent coupon equity-linked securities due March 21, 2024 linked to the worst performing of the stocks of Advanced Cadence Design Systems, Inc., KLA Corp. and Synopsys, 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 annualized rate of 13% if the worst performing stock closes at or above the barrier price, 60% of the initial price, on the valuation date for that period.
The notes will be automatically called at par plus the contingent coupon if the shares of each stock close at or above the initial share prices on any quarterly valuation date after six months.
If the notes are not called, the payout at maturity will be par unless the worst performing stock finish below the 60% final barrier level, in which case investors will be fully exposed to the losses of the worst performer.
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: | Advanced Cadence Design Systems, Inc., KLA Corp. and Synopsys, Inc.
|
| Amount: | $3,453,000
|
| Maturity: | March 21, 2024
|
| Coupon: | 13% per year, payable quarterly if worst performing stock is greater than or equal to barrier price on valuation date for that period
|
| Price: | Par
|
| Payout at maturity: | Par plus final coupon unless at least one stock finishes below final barrier level, in which case, full exposure to losses of worst performer
|
| Call: | At par plus contingent coupon if closing share price is greater than or equal to initial share price on any quarterly valuation date after six months
|
| Initial share prices: | $129.39 for Cadence, $301.95 for KLA and $234.05 for Synopsys
|
| Coupon barrier levels: | $77.634 for Cadence, $181.170 for KLA and $140.430 for Synopsys, 60% of initial share prices
|
| Barrier prices: | $77.634 for Cadence, $181.170 for KLA and $140.430 for Synopsys, 60% of initial share prices
|
| Pricing date: | March 16
|
| Settlement date: | March 19
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 2.35%
|
| Cusip: | 17329FAE4
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
