Published on 5/2/2021 in the Prospect News Structured Products Daily.
New Issue: Citi sells $1.81 million autocallable contingent coupon equity notes on lululemon, Nike
Chicago, May 3 – Citigroup Global Markets Holdings Inc. priced $1.81 million of autocallable contingent coupon equity-linked securities due March 22, 2022 linked to the worst performing of the stocks of lululemon athletica inc. and NIKE, 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 18% if each stock closes at or above the coupon barrier price, 77% of the initial price, on the valuation date for that period. Previously unpaid coupons will also be paid.
The notes will be automatically called at par if each stock closes at or above its initial price, on any quarterly valuation date.
If the notes are not called and each stock finishes at or above final barrier price, 77% of its initial level, the payout at maturity will be par plus the final coupon. Otherwise, investors will receive shares of the worst performer equal to $1,000 divided by the initial share price or, at the issuer’s option, the cash equivalent of those shares.
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: | lululemon athletica inc. and NIKE, Inc.
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Amount: | $1,814,000
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Maturity: | March 22, 2022
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Coupon: | 18% annual rate, payable quarterly if each stock closes at or above coupon barrier price, on valuation date for that period; previously unpaid coupons will also be paid
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Price: | Par
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Payout at maturity: | Par plus contingent coupon if each stock closes at or above final barrier; otherwise, number of shares of the worst performer equal to the principal amount divided by initial share price of worst performing stock or, at issuer’s option, cash equivalent
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Call: | Automatically at par plus coupon if each stock closes at or above its initial level on any quarterly valuation date
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Initial levels: | $315.22 for lululemon, $144.82 for NIKE
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Coupon barrier levels: | $242.719 for lululemon, $111.511 for NIKE, 77% of initial levels
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Final barrier levels: | $242.719 for lululemon, $111.511 for NIKE, 77% of initial levels
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Equity ratios: | 3.17239 for lululemon, 6.90512 for NIKE
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Pricing date: | March 17
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Settlement date: | March 22
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Underwriter: | Citigroup Global Markets Inc.
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Fees: | 1%
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Cusip: | 17328NLM8
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