Published on 10/5/2021 in the Prospect News Structured Products Daily.
New Issue: Citigroup sells $500,000 12.9% equity-linked securities on five stocks
By William Gullotti
Buffalo, N.Y., Oct. 5 – Citigroup Global Markets Holdings Inc. priced $500,000 of equity-linked securities due July 26, 2022 tied to the least performing of the shares of Alphabet Inc., Amazon.com, Inc., Apple Inc., Facebook, Inc. and Netflix, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The notes carry a coupon of 12.9% per year, payable quarterly.
If each stock finishes at or above 75% of its initial level, the payout at maturity will be par plus the final fixed coupon. Otherwise, investors will receive shares of the worst performer equal to $5,000 divided by that stock’s initial price or the cash equivalent at the issuer’s option.
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: | Equity-linked securities
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| Underlying assets: | Alphabet Inc., Amazon.com, Inc., Apple Inc., Facebook, Inc., Netflix, Inc.
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| Amount: | $500,000
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| Maturity: | July 26, 2022
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| Coupon: | 12.9%, payable quarterly
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| Price: | Par of $5,000
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| Payout at maturity: | If each stock finishes at or above barrier, par plus final fixed coupon; otherwise, receive a number of shares equal to the worst performer’s equity ratio
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| Initial levels: | $2,539.40 for Alphabet, $3,573.63 for Amazon, $146.39 for Apple, $341.16 for Facebook, $530.31 for Netflix
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| Barrier levels: | $1,904.55 for Alphabet, $2,680.223 for Amazon, $109.793 for Apple, $255.87 for Facebook, $397.733 for Netflix; 75% of initial levels
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| Equity Ratio: | 1.96897 for Alphabet, 1.39914 for Amazon, 34.15534 for Apple, 14.65588 for Facebook, 9.42845 for Netflix; shares delivered per security
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| Strike date: | July 16
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| Pricing date: | July 19
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| Settlement date: | July 26
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 0.25%
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| Cusip: | 17328NVF2
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