Published on 12/16/2021 in the Prospect News Structured Products Daily.
New Issue: Citi sells $9.82 million autocallable contingent coupon equity notes on Alphabet, Amazon, Apple
By Wendy Van Sickle
Columbus, Ohio, Dec. 16 – Citigroup Global Markets Holdings Inc. priced $9.82 million of autocallable contingent coupon equity-linked securities due June 16, 2023 linked to the worst performing of the stocks of Alphabet Inc., Amazon.com, Inc. and Apple 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 11% if each stock closes at or above its coupon barrier price, 73% of its initial share price, on the valuation date for that period, in which case any previously unpaid coupon will also be paid.
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 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, 73% of its initial share price, the payout at maturity will be par. Otherwise, investors will be fully exposed to the decline of the worst performer from its 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: | Alphabet Inc., Amazon.com, Inc., Apple Inc.
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| Amount: | $9,815,000
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| Maturity: | June 16, 2023
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| Coupon: | 11% annualized rate, payable quarterly if each stock closes at or above coupon barrier price on valuation date for that period, plus any previously unpaid coupon
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| Price: | Par
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| Payout at maturity: | Par plus final coupon if each stock finishes at or above coupon barrier; if the worst performer finishes below its coupon barrier but not below its final barrier price, par; otherwise, investors will lose 1% for every 1% decline of the worst performer from its initial share price
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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: | $2,916.53 for Alphabet, $3,391.35 for Amazon.com, $175.74 for Apple
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| Coupon barrier prices: | $2,129.067 for Alphabet, $2,475.686 for Amazon.com, $128.29 for Apple; 73% of initial share prices
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| Final barrier prices: | $2,129.067 for Alphabet, $2,475.686 for Amazon.com, $128.29 for Apple; 73% of initial share prices
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| Pricing date: | Dec. 10
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| Settlement date: | Dec. 17
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 1.25%
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| Cusip: | 17328NM70
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