Published on 3/28/2022 in the Prospect News Structured Products Daily.
New Issue: Citi prices $2.45 million autocallable contingent coupon equity notes on four stocks
Chicago, March 28 – Citigroup Global Markets Holdings Inc. priced $2.45 million of autocallable contingent coupon equity-linked securities due May 1, 2024 linked to the worst performing of the stocks of Amazon.com, Inc., Apple Inc., Bank of America Corp. and Walt Disney Co., 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 9% if each stock closes at or above its coupon barrier price, 60% 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 quarterly valuation date.
If the notes are not called and each stock finishes at or above its final barrier price, 60% of its initial share price, the payout at maturity will be par plus the final coupon. 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.
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| Guarantor: | Citigroup Inc.
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| Issue: | Autocallable contingent coupon equity-linked securities
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| Underlying stocks: | Amazon.com, Inc., Apple Inc., Bank of America Corp. and Walt Disney Co.
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| Amount: | $2,449,000
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| Maturity: | May 1, 2024
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| Coupon: | 9% annualized rate, payable quarterly if each stock closes at or above coupon barrier price on valuation date for that period
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| Price: | Par
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| Payout at maturity: | Par plus final coupon if each stock finishes at or above final barrier price; 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
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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: | $3,458.50 for Amazon, $133.58 for Apple, $40.03 for BofA, $183.39 for Disney
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| Coupon barrier prices: | $2,075.1 for Amazon, $80.148 for Apple, $24.018 for BofA, $110.034 for Disney; 60% of initial share prices
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| Final barrier prices: | $2,075.1 for Amazon, $80.148 for Apple, $24.018 for BofA, $110.034 for Disney; 60% of initial share prices
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| Equity ratio: | 0.28914 for Amazon, 7.48615 for Apple, 24.98126 for BofA, 5.45286 for Disney
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| Pricing date: | April 28, 2021
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| Settlement date: | April 30, 2021
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 3.25%
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| Cusip: | 17328NPZ5
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