Published on 6/25/2022 in the Prospect News Structured Products Daily.
New Issue: Citi sells $797,000 autocallable contingent coupon equity notes on four tech stocks
By Kiku Steinfeld
Chicago, June 27 – Citigroup Global Markets Holdings Inc. priced $797,000 of autocallable contingent coupon equity-linked securities due Dec. 17, 2026 linked to the worst performing of the stocks of Apple Inc., Amazon.com, Inc., Meta Platforms, 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 quarterly coupon at an annual rate of 8.2% 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 plus the coupon if each stock closes at or above its initial share price on any quarterly valuation date starting June 14, 2022.
If the notes are not called and each stock finishes at or above its final barrier price, 50% of its initial share price, the payout at maturity will be par. Otherwise, investors will be exposed to the full loss 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: | Apple Inc., Amazon.com, Inc., Meta Platforms, Inc., Netflix, Inc.
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| Amount: | $797,000
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| Maturity: | Dec. 17, 2026
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| Coupon: | 8.2% annualized rate, payable quarterly 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 finishes at or above final barrier price; otherwise, investors will be exposed to the full loss of the 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 starting June 14, 2022
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| Initial share prices: | $3,391.35 for Amazon, $175.74 for Apple, $334.49 for Meta, $604.56 for Netflix
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| Coupon barrier prices: | $2,034.810 for Amazon, $105.444 for Apple, $200.694 for Meta, $362.736 for Netflix; 60% of initial share prices
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| Final barrier prices: | $1,695.675 for Amazon, $87.870 for Apple, $167.245 for Meta, $302.280 for Netflix; 50% of initial share prices
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| Pricing date: | Dec. 14, 2021
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| Settlement date: | Dec. 17, 2021
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 3.5%
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| Cusip: | 17329ULY5
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