Published on 9/21/2021 in the Prospect News Structured Products Daily.
New Issue: Citi prices $2.51 million autocallable contingent coupon equity notes on four stocks
By Wendy Van Sickle
Columbus, Ohio, Sept. 21 – Citigroup Global Markets Holdings Inc. priced $2.51 million of autocallable contingent coupon equity-linked securities due July 1, 2024 linked to the worst performing of the stocks of Advanced Micro Devices, Inc., Shopify Inc., Zillow Group, Inc. and Zoom Video Communications, 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 22% if each stock closes at or above its coupon barrier price, 60% 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 initial share price on any quarterly autocall 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 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.
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| Guarantor: | Citigroup Inc.
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| Issue: | Autocallable contingent coupon equity-linked securities
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| Underlying stocks: | Advanced Micro Devices, Inc., Shopify Inc., Zillow Group, Inc., Zoom Video Communications, Inc.
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| Amount: | $2,514,000
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| Maturity: | July 1, 2024
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| Coupon: | 22% annualized rate, payable quarterly if each stock closes at or above coupon barrier price on valuation date for that period
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| Price: | Par
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| Payout at maturity: | Par plus coupon if each stock closes at or above final barrier price; otherwise, investors will receive shares of worst performer equal to that stock’s equity ratio
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| Call: | Automatically at par plus coupon if each stock closes at or above initial level on any quarterly valuation date
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| Initial share prices: | $93.31 for Advanced Micro, $1,458.00 for Shopify, $120.60 for Zillow, $386.48 for Zoom
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| Coupon barrier prices: | $55.986 for Advanced Micro, $874.80 for Shopify, $72.36 for Zillow, $231.888 for Zoom; 60% of initial share prices
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| Final barrier prices: | $55.986 for Advanced Micro, $874.80 for Shopify, $72.36 for Zillow, $231.888 for Zoom; 60% of initial share prices
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| Equity ratio: | 10.71696 for Advanced Micro, 0.68587 for Shopify, 8.29187 for Zillow, 2.58746 for Zoom; shares per security
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| Pricing date: | July 1
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| Settlement date: | July 6
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 3.25%
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| Cusip: | 17328NTJ7
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