Published on 7/5/2022 in the Prospect News Structured Products Daily.
New Issue: Citi sells $255,000 autocallable contingent coupon equity notes on four tech stocks
By Kiku Steinfeld
Chicago, July 5 – Citigroup Global Markets Holdings Inc. priced $255,000 of autocallable contingent coupon equity-linked securities due June 27, 2023 linked to the worst performing of 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 8% if each stock closes at or above its coupon barrier price, 70% 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 monthly valuation date starting March 22, 2022.
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 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., Alphabet Inc., Netflix, Inc.
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| Amount: | $255,000
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| Maturity: | June 27, 2023
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| Coupon: | 8% annualized rate, payable monthly 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 monthly valuation date starting March 22, 2022
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| Initial share prices: | $2,938.98 for Alphabet, $3,420.74 for Amazon, $175.64 for Apple, $614.24 for Netflix
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| Coupon barrier prices: | $2,057.286 for Alphabet, $2,394.518 for Amazon, $122.948 for Apple, $429.968 for Netflix; 70% of initial share prices
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| Final barrier prices: | $1,763.388 for Alphabet, $2,052.444 for Amazon, $105.384 for Apple, $368.544 for Netflix; 60% of initial share prices
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| Pricing date: | Dec. 22, 2021
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| Settlement date: | Dec. 28, 2021
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 2.225%
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| Cusip: | 17329USK8
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