Published on 6/16/2021 in the Prospect News Structured Products Daily.
New Issue: Citi prices $852,000 autocallable contingent coupon equity notes on tech stocks
By Kiku Steinfeld
Chicago, June 16 – Citigroup Global Markets Holdings Inc. priced $852,000 of autocallable contingent coupon equity-linked securities due May 23, 2024 linked to the stocks of Apple Inc., Amazon.com, Inc., Alphabet 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 monthly coupon at an annual rate of 9% if each stock closes at or above its barrier price, 70% of its initial price, on the determination date for that period.
The notes will be automatically called at par plus the contingent coupon if each stock closes at or above its initial share price on any quarterly potential autocall date after six months.
If the notes are not called and the final share price of each stock is greater than or equal to its final barrier price, 60% of its initial level, the payout at maturity will be par. Otherwise, investors will be fully exposed to the decline of the share price of the least performing stock.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Global Markets Holdings Inc.
|
| Guarantor: | Citigroup Inc.
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| Issue: | Autocallable contingent coupon equity-linked securities
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| Underlying stocks: | Apple Inc., Amazon.com, Inc., Alphabet Inc. and Netflix, Inc.
|
| Amount: | $852,000
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| Maturity: | May 23, 2024
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| Coupon: | 9% per year, payable monthly if each stock closes at or above its coupon barrier price on the determination date for that period
|
| Price: | Par
|
| Payout at maturity: | Par if each stock finishes at or above 60% of its initial share price; otherwise, full exposure to decline of least performing stock
|
| Call: | Automatically at par plus contingent coupon if each stock closes at or above its initial share price on any quarterly call observation date after six months
|
| Initial share prices: | $2,308.71 for Alphabet, $3,231.80 for Amazon, $124.69 for Apple and $487.70 for Netflix
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| Coupon barrier prices: | $1,616.097 for Alphabet, $2,262.260 for Amazon, $87.283 for Apple and $341.390 for Netflix; 70% of initial levels
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| Final barrier prices: | $1,385.226 for Alphabet, $1,939.080 for Amazon, $74.814 for Apple and $$292.620 for Netflix; 60% of initial levels
|
| Pricing date: | May 19
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| Settlement date: | May 24
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| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 2.875%
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| Cusip: | 17329FN67
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