Published on 9/23/2021 in the Prospect News Structured Products Daily.
New Issue: Citi sells $7.5 million contingent income autocallables on Apple, Amazon
By William Gullotti
Buffalo, N.Y., Sept. 23 – Citigroup Global Markets Holdings Inc. priced $7.5 million of contingent income autocallable securities due Sept. 20, 2024 linked to the stocks of Apple Inc. and Amazon.com, 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 8% if the lowest performing stock closes at or above the 75% coupon threshold on the related quarterly determination date.
The notes will be called at par of $10 plus the contingent coupon if the lowest performing stock closes at or above its initial price on any quarterly determination date.
If the lowest performing stock finishes at or above the 75% downside threshold, the payout at maturity will be par plus the final coupon. Otherwise, investors will lose 1% for each 1% share price decline of the worst performer from its initial price.
Citigroup Global Markets Inc. is the underwriter. Morgan Stanley Wealth Management is a selected dealer.
| Issuer: | Citigroup Global Markets Holdings Inc.
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| Guarantor: | Citigroup Inc.
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| Issue: | Contingent income autocallable securities
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| Underlying stocks: | Apple Inc., Amazon.com, Inc.
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| Amount: | $7,499,170
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| Maturity: | Sept. 20, 2024
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| Coupon: | 8% per year, payable quarterly if each stock closes at or above coupon threshold level on the relevant observation date
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| Price: | Par of $10
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| Payout at maturity: | If lowest performing stock finishes at or above downside threshold, par plus final coupon; otherwise, full exposure to share price decline of the worst performer from its initial price
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| Call: | At par plus contingent coupon if lowest performing stock closes at or above initial price on any quarterly determination date
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| Initial share prices: | $146.06 for Apple, $3,462.52 for Amazon
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| Coupon threshold levels: | $109.545 for Apple, $2,596.89 for Amazon; 75% of initial levels
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| Downside thresholds: | $109.545 for Apple, $2,596.89 for Amazon; 75% of initial levels
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| Pricing date: | Sept. 17
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| Settlement date: | Sept. 22
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| Underwriter: | Citigroup Global Markets Inc.
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| Dealer: | Morgan Stanley Wealth Management
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| Fees: | 2.5%
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| Cusip: | 17329L499
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