Published on 6/23/2022 in the Prospect News Structured Products Daily.
New Issue: Citi prices $1 million autocallable contingent coupon equity notes on three stocks
Chicago, June 23 – Citigroup Global Markets Holdings Inc. priced $1 million of autocallable contingent coupon equity-linked securities due Dec. 15, 2022 linked to the worst performing of the stocks of Beyond Meat Inc., Peloton Interactive, Inc. and Zoom Video Communications, 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 quarterly coupon at an annual rate of 33.5% if each stock closes at or above its coupon barrier price, 60% of its initial share price, on the valuation date for that period. Previously unpaid coupons, if any, will be automatically included whenever a coupon is paid.
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 after six months.
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 any final coupon. Otherwise, investors will be fully exposed to the losses of the worst performer.
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: | Beyond Meat Inc., Peloton Interactive, Inc. and Zoom Video Communications, Inc.
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| Amount: | $1 million
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| Maturity: | Dec. 15, 2022
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| Coupon: | 33.5% annualized rate, payable quarterly if each stock closes at or above coupon barrier price on valuation date for that period; coupon payment events will automatically include any previously unpaid coupons
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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, investors will be fully exposed to losses of worst performer
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| Call: | Automatically at par plus coupon if each stock closes at or above initial level on any quarterly valuation date after six months
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| Initial share prices: | $70.09 for Beyond Meat, $40.70 for Peloton, $188.27 for Zoom
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| Coupon barrier prices: | $42.054 for Beyond Meat, $24.420 for Peloton, $112.962 for Zoom; 60% of initial share prices
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| Final barrier prices: | $42.054 for Beyond Meat, $24.420 for Peloton, $112.962 for Zoom; 60% of initial share prices
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| Strike date: | Dec. 9, 2021
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| Pricing date: | Dec. 10, 2021
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| Settlement date: | Dec. 15, 2021
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 0.2%
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| Cusip: | 17329UTD3
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