Published on 2/8/2022 in the Prospect News Structured Products Daily.
New Issue: Citi sells $814,000 autocallable equity notes on three stocks
Chicago, Feb. 8 – Citigroup Global Markets Holdings Inc. priced $814,000 of 19.25% autocallable equity-linked notes due April 21, 2022 linked to the worst performing of the stocks of Appian Corp., Enphase Energy, Inc. and Mosaic Co., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
Interest is payable monthly.
After three months, if all three stocks close at or above their initial levels on any monthly potential autocall date, the notes will be automatically called at par plus the coupon due.
If the worst-performing stock finishes at or above its barrier level, 55% of initial level, the payout will be par.
If the worst-performing stock finishes below its barrier level, 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, an amount in cash equal to the value of those shares.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Global Markets Holdings Inc.
|
| Guarantor: | Citigroup Inc.
|
| Issue: | Autocallable equity-linked securities
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| Underlying stocks: | Appian Corp., Enphase Energy, Inc. and Mosaic Co.
|
| Amount: | $814,000
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| Maturity: | April 21, 2022
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| Coupon: | 19.25% per year, payable monthly
|
| Price: | Par
|
| Payout at maturity: | If worst-performing stock finishes at or above barrier level, par; if worst-performing stock finishes below barrier level, number of shares of worst performer equal to $1,000 divided by that stock’s initial price or, at issuer’s option, cash equivalent
|
| Call: | Automatically at par if all stocks close above their initial value on any monthly autocall date after three months
|
| Initial levels: | $135.23 for Appian, $150.01 for Enphase, $33.46 for Mosaic
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| Barrier levels: | $74.377 for Appian, $82.506 for Enphase, $18.403 for Mosaic, 55% of initial levels
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| Equity ratios: | 7.39481 for Appian, 6.66622 for Enphase, 29.88643 for Mosaic
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| Pricing date: | April 16
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| Settlement date: | April 21
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 2.875%
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| Cusip: | 17328NMX3
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