Published on 6/7/2022 in the Prospect News Structured Products Daily.
New Issue: Citi prices $250,000 callable contingent coupon equity notes on tech stocks
By Kiku Steinfeld
Chicago, June 7 – Citigroup Global Markets Holdings Inc. priced $250,000 of callable contingent coupon equity-linked securities due May 22, 2023 linked to the stocks of Apple Inc., Amazon.com, Inc., Alphabet Inc. 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 monthly coupon at an annual rate of 9.15% if each stock closes at or above its barrier price, 70% of its initial price, on the determination date for that period.
The notes may be called at par on any monthly redemption date after three months at the option of the issuer.
If the notes are not called and the final share price of each stock is greater than or equal to its final barrier price, 60% of its initial level, the payout at maturity will be par. Otherwise, investors will be fully exposed to the decline of the share price of the least performing stock.
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: | Callable contingent coupon equity-linked securities
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| Underlying stocks: | Apple Inc., Amazon.com, Inc., Alphabet Inc. and Netflix, Inc.
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| Amount: | $250,000
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| Maturity: | May 22, 2023
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| Coupon: | 9.15% per year, payable monthly if each stock closes at or above its coupon barrier price on the determination date for that period
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| Price: | Par
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| Payout at maturity: | Par if each stock finishes at or above 60% of its initial share price; otherwise, full exposure to decline of least performing stock
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| Call: | At par on any monthly redemption date after three months
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| Initial share prices: | $2,981.24 for Alphabet, $3,549 for Amazon, $153.49 for Apple and $691.69 for Netflix
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| Coupon barrier prices: | $2,086.868 for Alphabet, $2,484.30 for Amazon, $107.443 for Apple and $484.183 for Netflix; 70% of initial levels
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| Final barrier prices: | $1,788.744 for Alphabet, $2,129.40 for Amazon, $92.094 for Apple and $415.014 for Netflix; 60% of initial levels
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| Pricing date: | Nov. 17, 2021
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| Settlement date: | Nov. 22, 2021
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 2.225%
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| Cusip: | 17329UD81
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