Published on 8/12/2022 in the Prospect News Structured Products Daily.
New Issue: Citi prices $13.6 million autocallable variable coupon equity notes on three stocks
By Wendy Van Sickle
Columbus, Ohio, Aug. 12 – Citigroup Global Markets Holdings Inc. priced $13.6 million of autocallable variable coupon equity-linked notes due July 29, 2027 linked to the stocks of Apple Inc., Amazon.com, Inc. and Tesla, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The notes will pay a monthly coupon at an annual rate of 7% if each stock closes above its coupon barrier price, 70% of its initial price, on a related determination date. Otherwise, the coupon will be at a rate of 0.5% per annum for the month.
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 after one year.
The payout at maturity will be par plus the final coupon.
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 variable coupon equity-linked securities
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Underlying stocks: | Apple Inc., Amazon.com, Inc., Tesla, Inc.
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Amount: | $13,598,000
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Maturity: | July 29, 2027
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Coupon: | 7% annual rate if closing price of each stock is greater than or equal to coupon barrier on related observation date, otherwise, 0.5% annual rate; payable monthly
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Price: | Par
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Payout at maturity: | Par plus final coupon
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Call: | At par plus coupon if closing share price of least performing stock is greater than or equal to its initial share price on any monthly valuation date after one year
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Initial share prices: | $151.70 for Apple, $114.81 for Amazon, $776.58 for Tesla
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Coupon barrier prices: | $106.12 for Apple, $80.367 for Amazon, $543.606 for Tesla, 70% of initial share prices
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Pricing date: | July 26
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Settlement date: | July 29
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Underwriter: | Citigroup Global Markets Inc.
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Fees: | 3.75%
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Cusip: | 17330PCJ6
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