Published on 11/18/2021 in the Prospect News Structured Products Daily.
New Issue: Citi sells $2.31 million contingent coupon equity autocalls on four tech stocks
By William Gullotti
Buffalo, N.Y., Nov. 18 – Citigroup Global Markets Holdings Inc. priced $2.31 million of autocallable contingent coupon equity-linked securities due Nov. 22, 2024 linked to the worst performing of the stocks of Alphabet Inc., Amazon.com, 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 8%, if each stock closes at or above its coupon barrier price, 65% 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 semiannual valuation date.
If the notes are not called and each stock finishes at or above its coupon barrier, the payout at maturity will be par plus the final coupon.
If the worst performer finishes below its coupon barrier but at or above its final barrier price, 60% of its initial share price, the payout at maturity will be par. Otherwise, investors will receive a number of shares of the worst performer equal to $1,000 divided by that stock’s initial share price or, at the issuer’s option, the cash equivalent.
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: | Alphabet Inc., Amazon.com, Inc., Apple Inc., Microsoft Corp.
|
| Amount: | $2,305,000
|
| Maturity: | Nov. 22, 2024
|
| Coupon: | 8% annualized rate, payable semiannually if each stock closes at or above coupon barrier price on valuation date for that period
|
| Price: | Par
|
| Payout at maturity: | Par plus final coupon if each stock finishes at or above coupon barrier price; if worst performer finishes below coupon barrier but not below final barrier price, par; otherwise, investors will receive a number of shares of worst performer equal to that stock’s equity ratio or, at the issuer’s option, the cash equivalent
|
| Call: | Automatically at par plus coupon if each stock closes at or above initial level on any semianual valuation date
|
| Initial share prices: | $2,992.91 for Alphabet, $3,525.15 for Amazon, $149.99 for Apple, $336.72 for Microsoft
|
| Coupon barrier prices: | $1,945.392 for Alphabet, $2,291.348 for Amazon, $97.494 for Apple, $218.868 for Microsoft; 65% of initial share prices
|
| Final barrier prices: | $1,795.746 for Alphabet, $2,115.09 for Amazon, $89.994 for Apple, $202.032 for Microsoft; 60% of initial share prices
|
| Equity ratio: | 0.33412 for Alphabet, 0.28368 for Amazon, 6.66711 for Apple, 2.96983 for Microsoft; total per security
|
| Strike date: | Nov. 12
|
| Pricing date: | Nov. 15
|
| Settlement date: | Nov. 22
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 2%
|
| Cusip: | 17328NP85
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
