Published on 4/26/2022 in the Prospect News Structured Products Daily.
New Issue: Citi prices $1.71 million autocallable contingent coupon equity notes on four stocks
Chicago, April 26 – Citigroup Global Markets Holdings Inc. priced $1.71 million of autocallable contingent coupon equity-linked securities due Sept. 27, 2024 linked to the worst performing of the stocks of Lyft, Inc., Nvidia Corp., SoFi Technologies, Inc. and Spotify Technology SA, 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 26% 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 be fully exposed to the losses of the worst performing stock, payable in either shares or cash at the issuer’s option.
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: | Lyft, Inc., Nvidia Corp., SoFi Technologies, Inc. and Spotify Technology SA
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| Amount: | $1,708,000
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| Maturity: | Sept. 27, 2024
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| Coupon: | 26% 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, full exposure to losses of worst performer, payable in either shares or cash at the issuer’s option
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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: | $54.18 for Lyft, $206.99 for Nvidia, $17.04 for SoFi, $227.34 for Spotify
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| Coupon barrier prices: | $32.508 for Lyft, $124.194 for Nvidia, $10.224 for SoFi, $136.404 for Spotify; 60% of initial share prices
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| Final barrier prices: | $32.508 for Lyft, $124.194 for Nvidia, $10.224 for SoFi, $136.404 for Spotify; 60% of initial share prices
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| Equity ratios: | 18.457 for Lyft, 4.83115 for Nvidia, 58.68545 for SoFi, 4.3987 for Spotify
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| Pricing date: | Sept. 28, 2021
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| Settlement date: | Sept. 30, 2021
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 3.25%
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| Cusip: | 17328NYZ5
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