By Kiku Steinfeld
Chicago, May 19 – Citigroup Global Markets Holdings Inc. priced $1.2 million of autocallable phoenix securities due Oct. 19, 2023 linked to the stock performance of Signature Bank, 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 11.9% if the stock closes at or above its 80% coupon barrier on the related quarterly observation date. Previously unpaid coupons, if any, will be automatically included whenever a contingent coupon is paid.
The notes will be called at par plus the contingent coupon if the stock closes at or above its initial price on any quarterly valuation date.
If the notes are not called and the stock finishes at or above its 80% barrier, the payout at maturity will be par plus the final coupon. Otherwise, investors will be fully exposed to the decline of the stock.
Citigroup Global Markets Inc. is the underwriter with J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA acting as the placement agents.
| Issuer: | Citigroup Global Markets Holdings Inc.
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| Guarantor: | Citigroup Inc.
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| Issue: | Autocallable phoenix securities
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| Underlying stock: | Signature Bank
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| Amount: | $1.2 million
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| Maturity: | Oct. 19, 2023
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| Coupon: | 11.9% annualized, payable quarterly if the stock closes at or above coupon barrier on the relevant determination date; coupon payment events will automatically include any previously unpaid coupons
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| Price: | Par
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| Payout at maturity: | If the stock finishes at or above barrier, par plus final coupon; otherwise, lose 1% for every 1% that the final share price is below the initial share price
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| Call: | At par plus contingent coupon if stock closes at or above initial price on any quarterly valuation date
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| Initial share price: | $305.53
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| Coupon barrier: | $244.424; 80% of initial price
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| Barrier: | $244.424; 80% of initial price
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| Pricing date: | Oct. 15, 2021
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| Settlement date: | Oct. 20, 2021
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| Underwriter: | Citigroup Global Markets Inc. with J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA as placement agents
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| Fees: | 1.5%
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| Cusip: | 17329U7H8
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