Published on 8/12/2021 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $2.9 million of 30% autocallables on Trade Desk, Futu
By Wendy Van Sickle
Columbus, Ohio, Aug. 12 – Citigroup Global Markets Holdings Inc. priced $2.9 million of 30% autocallable equity-linked securities due Feb. 10, 2022 tied to the common stocks of Trade Desk, Inc. and Futu Holdings Ltd., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
Interest is payable monthly.
The notes will be automatically redeemed at par if both stocks close at or above their initial prices on any monthly autocall date after three months.
The payout at maturity will be par unless either stock finishes below its final barrier value, 72.55% of its initial price, in which case investors will receive a number of shares of the worst performer equal to $1,000 divided by that stock’s initial price or, at the issuer’s option, the cash equivalent.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Global Markets Holdings Inc.
|
| Guarantor: | Citigroup Inc.
|
| Issue: | Autocallable equity-linked securities
|
| Underlying stocks: | Trade Desk, Inc. and Futu Holdings Ltd.
|
| Amount: | $2,902,000
|
| Maturity: | Feb. 10, 2022
|
| Coupon: | 30% per year, payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par unless either stock finishes below final barrier value, in which case number of shares of worst performer equal to $1,000 divided by that stock’s initial price or, at issuer’s option, cash equivalent
|
| Call: | At par if each stock closes at or above initial price on Nov. 8, 2021, Dec. 6, 2021 or Jan. 6, 2022
|
| Initial prices: | $83.38 for Trade Desk and $106.32 for Futu
|
| Final barrier values: | $60.492 for Trade Desk and $77.135 for Futu, 72.55% of initial prices
|
| Equity ratios: | 11.99328 for Trade Desk and 9.40557 for Futu
|
| Pricing date: | Aug. 6
|
| Settlement date: | Aug. 11
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 2.5%
|
| Cusip: | 17328NWF1
|
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