Published on 1/14/2021 in the Prospect News Structured Products Daily.
New Issue: Citigroup sells $2.87 million contingent coupon autocalls on five stocks
By Wendy Van Sickle
Columbus, Ohio, Jan. 14 – Citigroup Global Markets Holdings Inc. priced $2.87 million of autocallable contingent coupon equity-linked securities due Jan. 3, 2024 linked to the least performing of the common stocks of Alphabet Inc., Amazon.com, Inc., Apple Inc., Facebook, Inc. and Netflix, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 8.25% if each underlying stock closes at or above its 70% coupon barrier on the observation date for that quarter.
The notes will be called at par if each stock closes at or above 100% of its initial level on any quarterly call observation date after six months.
The payout at maturity will be par plus the coupon unless every stock finishes below its initial share price and any stock finishes below its 60% trigger level, in which case investors will have full exposure to the loss of the least-performing stock.
The notes are guaranteed by Citigroup Inc.
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., Amazon.com, Inc., Apple Inc., Facebook, Inc. and Netflix, Inc.
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| Amount: | $2.87 million
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| Maturity: | Jan. 3, 2024
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| Coupon: | 8.25% annualized, payable quarterly if each stock closes at or above 70% coupon barrier on review date for that period
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| Price: | Par
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| Payout at maturity: | Par plus coupon unless every stock finishes below initial share price and any stock finishes below trigger level, in which case full exposure to loss of least performing stock
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| Call: | At par if each stock closes at or above its initial level on any quarterly call observation date after six months
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| Initial levels: | $1,773.96 for Alphabet, $3,283.96 for Amazon, $136.69 for Apple, $277.00 for Facebook, $519.12 for Netflix
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| Coupon barrier levels: | $1,241.772 for Alphabet, $2,298.772 for Amazon, $95.683 for Apple, $193.90 for Facebook. $363.384 for Netflix, 70% of initial levels
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| Trigger levels: | $1,064.376 for Alphabet, $1,970.376 for Amazon, $82.014 for Apple, $166.20 for Facebook. $311.472 for Netflix; 60% of initial levels
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| Pricing date: | Dec. 28
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| Settlement date: | Dec. 31
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| Agent: | Citigroup Global Markets Inc.
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| Fees: | 3.5%
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| Cusip: | 17328Y5T7
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