Published on 8/26/2021 in the Prospect News Structured Products Daily.
New Issue: Citi prices $2.47 million autocallable contingent coupon equity notes on three stocks
By William Gullotti
Buffalo, N.Y., Aug. 26 – Citigroup Global Markets Holdings Inc. priced $2.47 million of autocallable contingent coupon equity-linked securities due July 3, 2023 linked to the worst performing of the stocks of MarketAxess Holdings Inc., PayPal Holdings, Inc. and Zendesk, 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 6.6% if each stock closes at or above its coupon barrier price, 55% of its initial share price, on the valuation date for that period.
The notes will be automatically called at par plus the coupon if each stock closes at or above its call level on any monthly autocall date. Call level is 100% of initial share price for the first observation date on Oct. 25. It decreases to 95% for the second and to 90% of initial share price for the third through final review dates.
If the notes are not called and each stock finishes at or above its final barrier price, 55% of its initial share price, the payout at maturity will be par plus the final coupon. Otherwise, investors will receive a number of shares of the worst performer equal to $1,000 divided by that stock’s initial share price.
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: | MarketAxess Holdings Inc., PayPal Holdings, Inc., Zendesk, Inc.
|
| Amount: | $2,465,000
|
| Maturity: | July 3, 2023
|
| Coupon: | 6.6% annualized rate, payable monthly if each stock closes at or above coupon barrier price on valuation date for that period
|
| Price: | Par
|
| Payout at maturity: | Par plus contingent coupon if each stock closes at or above final barrier price; otherwise, investors will receive shares of worst performer
|
| Call: | Starting Oct. 25, automatically at par plus coupon if each stock closes at or above initial level, lowering to 95% of initial level for Nov. 24 and lowering to 90% of initial level Dec. 27 for each subsequent monthly valuation date until maturity
|
| Initial share prices: | $457.82 for MarketAxess, $288.12 for PayPal, $146.37 for Zendesk
|
| Coupon barrier prices: | $251.801 for MarketAxess, $158.466 for PayPal, $80.504 for Zendesk; 55% of initial share prices
|
| Final barrier prices: | $251.801 for MarketAxess, $158.466 for PayPal, $80.504 for Zendesk; 55% of initial share prices
|
| Equity ratio: | 2.18426 for MarketAxess, 3.47078 for PayPal, 6.832 for Zendesk; shares per security
|
| Strike date: | June 23
|
| Pricing date: | June 24
|
| Settlement date: | July 1
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 2.4%
|
| Cusip: | 17328NQZ4
|
|
|
|
|
© 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.
