Published on 9/16/2021 in the Prospect News Structured Products Daily.
New Issue: Citi sells $2.08 million autocallable contingent coupon equity notes on tech stocks
By Taylor Fox
New York, Sept. 16 – Citigroup Global Markets Holdings Inc. priced $2.08 million of autocallable contingent coupon equity-linked securities due March 4, 2024 linked to the worst performing of the stocks of Amazon.com, Inc., Alphabet Inc., Apple Inc. and Microsoft Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The notes will pay a contingent semiannual coupon at an annual rate of 11% if each stock closes at or above its coupon barrier price, 60% of its initial share price, on the valuation date for that quarter.
The notes will be automatically called at par plus the coupon if each stock closes at or above 90% of its initial share price on any semiannual valuation date.
If the notes are not called and each stock finishes at or above its final barrier price, 60% of its initial share price, the payout at maturity will be par plus the final coupon. Otherwise, investors will be fully exposed to the losses of the worst performer, payable in shares or cash at the issuer’s option.
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: | Amazon.com, Inc., Alphabet Inc., Apple Inc. and Microsoft Corp.
|
| Amount: | $2,080,000
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| Maturity: | March 4, 2024
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| Coupon: | 11% annualized rate, payable semiannually if each stock closes at or above coupon barrier price on valuation date for that quarter; previously unpaid coupons will also be paid
|
| Price: | Par
|
| Payout at maturity: | Par plus contingent coupon if each stock closes at or above final barrier price; otherwise, full exposure to losses of worst performer, payable in either shares or cash at the issuer’s option
|
| Call: | Automatically at par plus coupon if each stock closes at or above autocall barrier level on any semiannual valuation date
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| Initial share prices: | $2,083.81 for Alphabet, $3,159.53 for Amazon, $125.35 for Apple and $234.55 for Microsoft
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| Autocallable barrier levels: | $1,875.429 for Alphabet, $2,843.577 for Amazon, $112.815 for Apple and $211.095 for Microsoft, 90% of initial share prices
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| Final barrier levels: | $1,250.286 for Alphabet, $1,895.718 for Amazon, $75.21 for Apple and $140.73 for Microsoft, 60% of initial share prices
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| Coupon barrier prices: | $1,250.286 for Alphabet, $1,895.718 for Amazon, $75.21 for Apple and $140.73 for Microsoft, 60% of initial share prices
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| Pricing date: | Feb. 25
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| Settlement date: | March 4
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 1.35%
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| Cusip: | 17328NKX5
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