Chicago, June 15 – Citigroup Global Markets Holdings Inc. priced $1 million of autocallable phoenix securities due April 18, 2022 linked to the stock performance of salesforce.com, inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The notes pay a contingent coupon of 1.75% if the stock closes above 87% of its initial level on March 6, 2022. If no contingent coupon is paid, the notes will pay a 3.5% coupon on the maturity date if the stock closes above its final barrier level.
The notes will be called at par plus the contingent coupon if the stock closes at or above its initial price on March 6, 2022.
If the notes are not called and the stock finishes at or above its 87% barrier, the payout at maturity will be par plus 3.5% final coupon if the coupon is not paid on the interim valuation date or 1.75% if it has been paid. Otherwise, investors will be fully exposed to the decline of the stock, payable in shares or cash at the issuer’s option.
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: | salesforce.com, inc.
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| Amount: | $1,000,000
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| Maturity: | April 18, 2022
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| Coupon: | 1.75% (not annualized) if stock closes above coupon barrier on March 6, 2022
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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 which would be either 1.75% or 3.5% if the contingent coupon is not paid; otherwise, lose 1% for every 1% that the final share price is below the initial share price, payable in cash or shares at issuer’s option
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| Call: | At par plus contingent coupon if stock closes at or above initial price on March 6, 2022
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| Initial share price: | $258.32
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| Coupon barrier: | $224.738; 87% of initial price
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| Barrier: | $224.738; 87% of initial price
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| Strike date: | Dec. 3, 2021
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| Pricing date: | Dec. 6, 2021
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| Settlement date: | Dec. 9, 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: | 0.36%
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| Cusip: | 17328NM96
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