Published on 6/1/2022 in the Prospect News Structured Products Daily.
New Issue: Citi sells $890,000 autocallable contingent coupon equity notes on four stocks
Chicago, June 1 – Citigroup Global Markets Holdings Inc. priced $890,000 of autocallable contingent coupon equity-linked securities due Nov. 18, 2024 linked to the worst performing of the stocks of Amazon.com, Inc., Apple Inc., Microsoft Corp. and Netflix, 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 semiannual 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 if each stock closes at or above its initial share price on any semiannual 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. Otherwise, investors will be fully exposed to the losses of the worst performer, payable in shares or cash 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: | Amazon.com, Inc., Apple Inc., Microsoft Corp. and Netflix, Inc.
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| Amount: | $890,000
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| Maturity: | Nov. 18, 2024
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| Coupon: | 9% annualized rate, payable semiannually 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 if each stock closes at or above final barrier price; otherwise, full exposure to losses of worst performer, payable in shares or cash the issuer’s option
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| Call: | Automatically at par if each stock closes at or above initial level on any semiannual valuation date
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| Initial share prices: | $3,576.23 for Amazon, $150.81 for Apple, $335.95 for Microsoft, $655.99 for Netflix
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| Coupon barrier prices: | $2,145.738 for Amazon, $90.486 for Apple, $201.57 for Microsoft, $393.594 for Netflix; 60% of initial share prices
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| Final barrier prices: | $2,145.738 for Amazon, $90.486 for Apple, $201.57 for Microsoft, $393.594 for Netflix; 60% of initial share prices
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| Equity ratios: | 0.27962 for Amazon, 6.63086 for Apple, 2.97663 for Microsoft, 1.52441 for Netflix
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| Strike date: | Nov. 9, 2021
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| Pricing date: | Nov. 10, 2021
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| Settlement date: | Nov. 18, 2021
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 2.4%
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| Cusip: | 17328NM47
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