Published on 8/4/2022 in the Prospect News Structured Products Daily.
New Issue: Citi prices $850,000 autocallable contingent coupon equity notes on tech stocks
By Kiku Steinfeld
Chicago, Aug. 4 – Citigroup Global Markets Holdings Inc. priced $850,000 of autocallable contingent coupon equity-linked securities due Jan. 18, 2023 linked to the worst performing of the stocks of Alphabet Inc., Meta Platforms, Inc., Microsoft Corp. 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 15.85% if each stock closes at or above its coupon barrier price, 70% of its initial share price, on the valuation date for that period. Previously unpaid coupons, if any, will be automatically included whenever a contingent payment is made.
The notes will be automatically called at par if each stock closes at or above its initial share price on any quarterly valuation date.
If the notes are not called and each stock finishes at or above its final barrier price, 70% of its initial share price, the payout at maturity will be par. Otherwise, investors will receive a number of shares of the worst performer equal to $1,000 divided by that stock’s initial share price or, at the issuer’s option, the cash equivalent.
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: | Alphabet Inc., Meta Platforms, Inc., Microsoft Corp. and Netflix, Inc.
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| Amount: | $850,000
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| Maturity: | Jan. 18, 2023
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| Coupon: | 15.85% 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 if each stock finishes at or above final barrier price; otherwise, investors will receive a number of shares of worst performer equal to that stock’s equity ratio or, at the issuer’s option, the cash equivalent
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| Call: | Automatically at par if each stock closes at or above initial level on any quarterly valuation date
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| Initial share prices: | $2,740.34 for Alphabet, $331.79 for Meta, $314.04 for Microsoft, $541.06 for Netflix
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| Coupon barrier prices: | $1,918.238 for Alphabet, $232.253 for Meta, $219.828 for Microsoft, $378.742 for Netflix; 70% of initial share prices
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| Final barrier prices: | $1,918.238 for Alphabet, $232.253 for Meta, $219.828 for Microsoft, $378.742 for Netflix; 70% of initial share prices
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| Equity ratios: | 0.36492 for Alphabet, 3.01395 for Meta, 3.18431 for Microsoft, 1.84822 for Netflix; total per security
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| Pricing date: | Jan. 10
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| Settlement date: | Jan. 18
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 1%
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| Cusip: | 17328N3Z9
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