Published on 11/1/2021 in the Prospect News Structured Products Daily.
New Issue: Citi prices $6.73 million autocallable contingent coupon equity notes on Amazon, Teladoc
Chicago, Nov. 1 – Citigroup Global Markets Holdings Inc. priced $6.73 million of autocallable contingent coupon equity-linked securities due March 31, 2022 linked to the worst performing of the stocks of Amazon.com, Inc. and Teladoc Health, 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 12% if each stock closes at or above its coupon barrier price, 55% of its initial share price, on the valuation date for that period, plus any previously unpaid coupon.
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, 55% of its initial share price, the payout at maturity will be par plus the final coupon. Otherwise, investors will receive shares of the least performing stock equal to the equity ratio.
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: | Amazon.com, Inc., Teladoc Health, Inc.
|
| Amount: | $6,725,000
|
| Maturity: | March 31, 2022
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| Coupon: | 12% annualized rate, payable quarterly if each stock closes at or above coupon barrier price on valuation date for that period, plus any previously unpaid coupons
|
| Price: | Par of $5,000
|
| Payout at maturity: | Par plus final coupon if each stock closes at or above final barrier price; otherwise, investors will receive shares of the least performing stock equal to the equity ratio
|
| Call: | Automatically at par plus coupon if each stock closes at or above initial level on any quarterly valuation date
|
| Initial share prices: | $3,052.03 for Amazon, $176.89 for Teladoc Health
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| Coupon barrier prices: | $1,678.617 for Amazon, $97.290 for Teladoc Health; 55% of initial share prices
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| Final barrier prices: | $1,678.617 for Amazon, $97.290 for Teladoc Health; 55% of initial share prices
|
| Equity ratio: | 1.63825 for Amazon, 28.26615 for Teladoc Health
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| Pricing date: | March 26
|
| Settlement date: | March 31
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 1%
|
| Cusip: | 17328NKY3
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